Fugitive billionaire jeweler Nirav Modi, wanted by Indian authorities over a $2 ...
LONDON/NEW DELHI - Fugitive billionaire jeweler Nirav Modi, wanted by Indian authorities over a $2 billion loan fraud at state-run Punjab National Bank was remanded in custody after appearing before a British court on Wednesday.
The diamond magnate was arrested in the Holborn area of central London on Tuesday after he went into a bank to open an account and a member of staff contacted police. Modi spoke only to confirm his name, age and address, and that he did not agree to being extradited. His lawyer, George Hepburne Scott, said his client would deny the charges which he believes are politically motivated.
PNB, India’s second-largest state-run bank, said in 2018 that two jewelry groups headed by Modi and his uncle Mehul Choksi had defrauded it by raising credit from other Indian banks using fraudulent guarantees issued by rogue staff of the bank. Modi and Choksi have both denied wrongdoing. In December, a British court agreed that another high-profile Indian businessman, aviation tycoon Vijay Mallya, could be extradited to his homeland to face fraud charges. Mallya is currently appealing the decision.
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