London police arrested Tuesday fugitive Indian diamond tycoon Nirav Modi who is alleged to be involved in a $2 billion banking fraud scandal, one of the biggest banking fraud in the country.
Modi was arrested in the Holborn area of central London and was held overnight in custody. He is to appear Wednesday at London’s Westminster Magistrates’ Court.
Last August Indian authorities asked Britain to extradite the billionaire and a month prior to it Interpol issued a red notice for his arrest.
India’s second-largest state-run bank, Punjab National Bank, said in 2018 the 48-year-old and his uncle Mehul Choksi defrauded under their two jewelry groups by raising credit from other banks by using illegal guarantees which were issued by rogue bank staff.
Following becoming a suspect in the scam he fled India last year
Forbes earlier placed Modi at 85th rank on India’s wealthiest citizen list and his net worth was $1.73 billion.
The diamond trader is well known amongst Bollywood stars and has dressed many national as well as international celebs including Priyanka Chopra, Kate Winslet and Dakota Johnson.
Meanwhile, Scotland Yard too has confirmed the arrest of Modi in the Holborn area in relation to an extradition request from India.
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