Fugitive jeweller Nirav Modi, wanted in an over Rs. 13,000 crore bank fraud case in India, has been arrested in London and will be produced before a court shortly.
On Monday, a court in UK had issued an arrest warrant against the 48-year-old billionaire following the Enforcement Directorate’s request for his extradition.
Nirav Modi and his uncle Mehul Choksi are the prime accused in the Rs. 13,000-crore Punjab National Bank scam involving fake guarantees in the name of the state-run lender to secure loans overseas.
Both left India in January last year before the CBI started investigating the PNB scam.