Fugitive Jeweller Nirav Modi arrested in London

Erika Holt
March 21, 2019

Fugitive businessman Nirav Modi was arrested in London after a Westminster Court issued a warrant against him. Mallya's case is in final stages.

It was a bank clerk who actually recognised him and called the police after which he was arrested. However, District Judge Marie Mallon remanded him in custody till 29 March, saying there was substantial grounds to believe that he would fail to surrender if granted bail.

Modi's world began unraveling in February of a year ago, when India's Central Bureau of Investigation registered a First Information Report (FIR) against him, alleging he defrauded state-owned Punjab National Bank (PNB) of some $2 billion by using phony letters of undertaking.

The news of Modi's arrest comes as the ED registered new charges against him and 26 others for alleged violations of the country's Prevention of Money Laundering Act. Furthermore, a non-bailabl warrant has been issued by PMLA court against Ami Modi, wife of Nirav Modi.

A British daily recently published a report and video showing Modi walking on the streets of London and said the fugitive diamantaire was living in a swanky 8-million pounds apartment in the city's West End and that he was involved in a new diamond business. The rent for a property like this is understood to be about £17,000 a month.

United Kingdom authorities within three days turned an arrest warrant into action after India requested Nirav Modi's extradition.

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I-T Department had filed an application to seek permission from the special court as it had already published the auction notice.

Modi was employed in London on a monthly salary of £20,000 and regularly paid his council tax, his lawyers added.

Javid had certified India's extradition request for Nirav Modi earlier this month, triggering the legal process in the courts, kick-started with the issuance of a warrant.

From the day of his arrest, Nirav Modi will be in jail for 11 days before the court again takes up his case on Friday.

The relentless pursuit India has launched to bring back those who have reportedly defrauded the country's financial institutions is being seen as a huge positive for Modi's "Na Khaunga, Na Khane Dunga" poll promise - made during the 2014 election campaign.

The tycoon, who dressed stars including Kate Winslet, Dakota Johnson and Priyanka Chopra, faces charges of fraudulently acquiring guarantees from Punjab National Bank that was later used to obtain loans from overseas, according to complaints filed by the lender. The duo has not returned to India despite repeated summons from probe agencies and courts.

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