Nirav Modi, Fugitive Businessman, Arrested In London, Say Sources

According to sources, fugitive businessman Nirav Modi has been arrested in London. More details are awaited on the same.

On Wednesday, Nirav Modi was sighted at what appeared to be an eatery at his Centre Point home in an upscale part of London. Nirav Modi was sighted at what appeared to be an eatery at his Centre Point home in an upscale part of London.

The 48-year-old billionaire can be arrested anytime over the next few days after the warrant was issued following the Enforcement Directorate’s request for his extradition. Enforcement Directorate sources say his arrest is likely by next week.

The case will follow a similar procedure as that of liquor baron Vijay Mallya, who also fled India two years ago just as banks were trying to recover unpaid loans from him.

Vijay Mallya’s extradition was approved recently and is now pending with UK’s Home Office.

Nirav Modi’s arrest will enable the start of a trial against him in the Westminster court. If the court decides, London will issue an order to extradite the tycoon to India. The order can be challenged by Nirav Modi. 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.

Courtesy: NDTV