Nirav Modi: Billionaire jeweller arrested in London over India’s biggest banking fraud

Nirav Modi: Billionaire jeweller arrested in London over India’s biggest banking fraud
Copyright Flickr/CC/tbenz
By Euronews
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Nirav Modi is one of the main suspects charged in the $2 billion loan fraud at state-run Punjab National Bank (PNB), India's biggest banking fraud.

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Nirav Modi, a fugitive billionaire jeweller suspected of a $2 billion (€1.76 bn) loan fraud in India, has been arrested in London, Reuters reported on Wednesday citing British police sources.

The 48-year-old is one of the main suspects charged in India's biggest banking fraud at state-run Punjab National Bank (PNB).

Modi, who denies wrongdoing, left India before the details of the fraud became public.

India asked Britain to extradite him in August.

He was arrested near Holborn, central London, on Tuesday (March 19) and is due to appear at London's Westminster Magistrates Court on Wednesday (March 20), according to police.

Interpol issued a Red Notice against Modi last June, on an Indian request.

On 9 March 2019, just weeks before his arrest, the British newspaper Daily Telegraph revealed that Modi was living freely in London, filming him near the luxury apartment building where he lived. 

The Telegraph also reported that Modi has been granted a national insurance number by the British state.

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