Jeweller Nirav Modi to the stars arrested over alleged bank fraud | UK News

Jeweller to the stars Nirav Modi has been arrested in London over alleged bank fraud.

Modi is accused of being at the centre of a £1.5bn scam with his uncle Mehul Choksi.

Indian Police say the two illegally diverted loans from India’s second-largest state-run lender – Punjab National Bank – to foreign-based companies.

Modi, 48, left India in February last year and investigators seized more than half a dozen luxury cars, including a Rolls Royce Ghost and a Porsche Panamera from the billionaire and his companies.

They also seized around £625,000 worth of jewellery, gold, diamonds, precious metals and stones.

Lisa Haydon, Nirav Modi and Nimrat Kaur attend the Nirav Modi U.S. Boutique grand opening
Modi pictured with Lisa Haydon and Nimrat Kaur at his US Boutique grand opening

He was linked to several countries but has reportedly been in the UK since June.

Indian police requested his extradition in August.

He was arrested in the Holborn area of central London on Tuesday and is due to appear at Westminster Magistrates’ Court later today as part of extradition proceedings.

Modi appeared on Forbes’ 100 Richest Indians list for several years and is said to have had several celebrity customers, including actresses Priyanka Chopra, Naomi Watts and Kate Winslet.

Congress Party supporters protest about Nirav Modi and India's Finance Minister Arun Jaitley
The Modi case has prompted protests in India

Before the investigation, Modi appeared on the Forbes list with an estimated worth of £1.5bn but he has now been removed.

Choksi, a diamond merchant, is believed to be in Antigua and is also on Interpol’s list of wanted fugitives.

Mr Modi’s lawyer and Mr Choksi’s firm, Gitanjali Gems, have both previously denied any involvement in what has been called India’s biggest ever banking scam.

Leave A Reply

Your email address will not be published.