Fugitive diamond merchant Nirav Modi arrested in London for PNB fraud case
Nirav Modi has been accused of 13,000-crore Punjab National Bank scam. On Tuesday after a yearlong chase, he has been arrested in London. The Enforcement Directorate officers who are investigating the case said that he has been arrested from a metro station Holborn in central London.
Within a few hours, he has been produced in the Metropolitan Magistrate’s court. There he had offered half-million pounds as a bail bond but the court rejected it. The court decided that he will be in jail till 29the March when the next hearing will take place.
However, the CBI has mentioned that the expeditious effort has been made to catch Nirav Modi and bring him back from the United Kingdom. London court in response to ED’s request had issued an arrest warrant against him. The RCN has also issued against him in last year June.
As per the official report, Nirav Modi and his uncle Choksi fled in January last year before the biggest scam in Indian bank history was revealed. Nirav Modi and his uncle through their company took the credit card from the overseas branches of the Indian banks using fake guarantees of the PNB. It is given though LoUs and letters of the credit which he didn’t pay back. Thus, it brought the liability on the state-run bank.
Vijay Mallya has been arrested under expulsion warrant for fraud and money laundering charges in April 2017. In Nirav Modi’s case, the UK court will follow the same pattern.
