Fugitive businessman Nirav Modi arrested in London, claims report
Nirav Modi, the fugitive businessman, who is the main accused in the multi-crore PNB scam has been arrested in London, claimed NDTV. After Modi was traced to London, Enforcement Directorate approached the UK with his extradition request. Subsequently, a UK court issued a warrant against him. He will be produced at a court shortly. He fled from India before the scam came to light.
Backstory: With his uncle, Modi cheated PNB for years
Modi and his uncle Mehul Choksi pulled off the over Rs. 13,000 crore PNB scam, allegedly with the help of a few employees of the state-run bank. A number of LoUs were issued to them since 2011, which helped them obtain funds from different entities. The scam, initially pegged at Rs. 280 crore, grew substantially with time, prompting ED and CBI to launch an investigation.
Modi and Choksi settled in different countries
After hopping several countries, Choksi obtained citizenship of Antigua and is living there. Separately, Modi traveled to Hong Kong and then settled in London. Notably, their passports were revoked but the businessmen managed to travel. In London, Modi started over. He is reportedly staying at an apartment, whose rent is £17,000 a month, and started his new diamond business.
Modi hired lawyers to defend his extradition
A national insurance number which he got from the department of work and pension helped Modi start his business in London. His office isn't far away from his home and he walks his dog every day, The Telegraph reported. Notably, Modi also readied an army of lawyers to fight his extradition case. Another team of lawyers is reportedly working on Modi's asylum case.
Raveesh Kumar said Modi's case is being pursued
After details of his whereabouts emerged, MEA spokesperson Raveesh Kumar said that India was pursuing the case with dedication. He said it shouldn't be assumed that Modi's case isn't getting the same attention as Vijay Mallya's. Kumar added the extradition request is lying with the UK and they have to take a decision on the same. Last year, the UK approved Mallya's extradition.
