New Delhi (Sputnik): Fugitive Indian jeweller and bank defaulter Nirav Modi was arrested in London today at the Holborn Metro station. The further hearing for extradition procedure was fixed for 25 March.
#BREAKING: Nirav Modi arrested by London Metropolitan Police, two days after arrest warrant was issued by Westminster Magistrate’s Court. Police to produce him in Court at 15:30 IST. Modi to seek bail immediately. This kickstarts a lengthy hearing for extradition of Modi from UK.— Aditya Raj Kaul (@AdityaRajKaul) March 20, 2019
Nirav Modi and his close associate, Mehul Choksi, are the prime suspects in the bank scam involving fake guarantees in the name of the state-run Punjab National Bank in India. The fraud case, which is estimated at around Rs. 13,000-crore ($18.5 Billion), involved secure loans overseas and when the matter came to light, both Modi and Choksi left India in January last year.
The fleeing of both celebrity suspects preluded the Central Investigation Agency (CBI) starting to investigate the PNB scam.
Earlier this month, Nirav Modi was in the news globally, when he was seen walking in London by a reporter of British newspaper The Telegraph.
#NiravModi, whose presence in the UK was confirmed by authorities in mid-2018, recently figured in a video released by a British newspaper, walking on London streets and responding to queries by its reporters with “no comment.”— Hindustan Times (@htTweets) March 20, 2019
Read more: https://t.co/Cubg4MSAJN pic.twitter.com/7CmT9zBgRr
On Monday, a court in the UK issued an arrest warrant against the Indian billionaire. The court was acting on a request by the Enforcement Directorate (ED) of India, which has asked for the extradition of Nirav Modi.
Meanwhile, Indian media reports suggest that the Enforcement Directorate has also got permission for the appropriate authorities to auction the paintings and cars of Nirav Modi's family.