London: Fugitive jeweller Nirav Modi, alias 'Chota Modi' and accused in 11,000 crore rupees PNB scam, is arrested by authorities in the United Kingdom Wednesday. He will be produced in the London court shortly.
Modi was taken into custody by the Metropolitan Police on Tuesday at the Holborn Tube station.
Modi is arrested days after he was spotted in a London market by a reporter. Cosequently, the Westminster Magistrate Court in London issued a warrant against him.
Punjab National Bank (PNB), India’s second-largest state-run bank, in 2018 said that two jewelry groups headed by Modi and his uncle Mehul Choksi had defrauded it by raising credit from other Indian banks using illegal guarantees issued by rogue PNB staff.
Modi and Choksi, who have both denied wrongdoing, left India before the details of the fraud became public.
Nirav Modi made it to the Forbes' list of billionaires in 2013 and has remained in the exclusive group ever since. In the Forbes' list of billionaires for 2016, Nirav Modi was ranked 1,067 in the world and 46 in India. He was ranked 1,054 globally and 82 in India a year ago. Nirav Modi was born in a family of diamond merchants.
The Forbes had described Nirav Modi as one of the youngest billionaires of India. He is the founder of USD 2.3 billion Firestar Diamond and has business spread across three continents from China in Asia to Hawaii Islands in North America.
A joint team of CBI and ED will fly to UK to assist the counsel who will be representing the agencies in Nirav Modi's case. The next date of the hearing (start of the extradition proceedings in judicial side) will be announced by the UK Magistrate court today and accordingly the joint team will leave for UK.
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