Nirav Modi is in UK, CBI moves for extradition

India Today
August 20, 2018

Nirav Modi is in the United Kingdom, British authorities have confirmed to India. The Central Bureau of Investigation has already moved an extradition request for Modi, sources told India Today TV.

"We have moved for extradition through the Ministry of External Affairs. We are in touch with UK authorities," an officer told India Today TV.

Modi is the prime accused in the over Rs 13,000 crore Punjab National Bank fraud case. Modi and his associates, including uncle Mehul Choksi, are accuse of improperly using banking instruments in defraud the state-run PNB of more than Rs 13,000 crore.

Choksi was last traced to Antigua where he is believed to have been granted citizenship. Nirav Modi's location was not traced until now.

The Interpol revealed two months ago that Modi has managed to travel to six different countries on a passport that was revoked by the Ministry of External Affairs.

Media reports previously did place him in the United Kingdom, but there was no official confirmation about his presence there. Interestingly, India is already fighting for the extradition of another fugitive businessman from the UK -- Vijay Mallya.

Nirav Modi is believed to have fled India in January this year, just weeks before the multi-crore PNB fraud case came to light in February.

The PNB fraud case pertains to the fraudulent use of certain banking instruments to defraud PNB of thousands of crores of rupees. The instruments in question -- Letters of Undertaking or LoU -- are used by customers to raise money from a bank's foreign branches.

Nirav Modi is a celebrated diamond trader who operated a chain of jewellery stores and whose creations were worn by several celebrities. He has pled innocence in the matter.

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