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PNB fraud case: Fugitive Jeweller Nirav Modi arrested in London

PNB fraud case: Fugitive Jeweller Nirav Modi arrested in London

Fugitive Indian diamantaire Nirav Modi was arrested in London.

Following the news, India's Enforcement Directorate (ED) tweeted that the home office of the U.K. Central Authority had sent an extradition request to the Westminster Magistrates Court.

Following the arrest of fugitive diamaintaire Nirav Modi in London, UK, the Enforcement Directorate (ED) Wednesday got permission from Prevention of Money Laundering Act (PMLA) court in Mumbai to sell 173 paintings and auction 11 cars belonging to Modi.

District Judge Marie Mallon denied bail to Modi and remanded him in custody till March 29, saying there was substantial grounds to believe that he would fail to surrender if granted bail.

According to the Scotland Yard, Nirav Modi was arrested "on behalf of Indian authorities on Tuesday afternoon (local time) in Holborn".

Interpol issued a "red notice" for Modi's arrest past year, as well. The US$1.8b figure cited by the bank resulted in a media frenzy that pressured authorities to quickly search and seize assets from two of his companies, Firestar International and Firestar Diamond International, Modi said. While applying for the bail, Nirav Modi told the Westminster Court, "I have demonstrated keenness to fully cooperate".

Diamond Merchant Nirav Modi is needed in connection to Rs 13,500-crore Punjab National Bank (PNB) scam that raised questions over the creditability of India's banking system.




India Today reported that Nirav Modi spent the night in police custody after he was arrested on Tuesday.

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.

Nirav Modi was tracked down and filmed by the Daily Telegraph earlier this month near a luxury apartment complex by Oxford Street, where he has been living.

The passports, since revoked by the Indian authorities, include one now in possession of the Metropolitan Police, a second expired passport lying with the UK Home Office and a third with the UK's Driving and Vehicle Licensing Authority (DVLA).

He said the arrest of Nirav Modi only "prove" that the country is in safe hands under the leadership of the prime minister. Apart from claiming that the charges against him were politically motivated, Nirav Modi said in the bail plea that he has a 5-year-old child to look after.

Modi, whose presence in the United Kingdom was confirmed by British authorities in mid-2018, has been spotted walking on London streets recently, responding to queries by reporters with "No comment", most likely under legal advice.

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