An NDTV report quoting some sources said that London Police have arrested fugitive diamantaire Nirav Modi on Wednesday.
Nirav Modi will be produced before West Minister court in London on Wednesday afternoon. Earlier, the West Minister court in London had issued an arrest warrant against Nirav Modi. The arrest warrant was issued following the Enforcement Directorate's request for his extradition. Enforcement Directorate sources also said that Nirav Modi’s arrest is likely by next week.
A couple of days back Fugitive jeweler Nirav Modi was spotted by the media in London for the second time this month, a day after the UK put out an arrest warrant for him. This time too, Nirav Modi didn't progress beyond his two-word stock response: "No comments".
Nirav Modi was sighted at what appeared to be an eatery at his Centre Point home in an upscale part of London. At the beginning of this month(March), Nirav Modi was seen walking on the streets of London by a reporter of the British newspaper The Telegraph. The billionaire’s nine- lakh-cost expensive ostrich hide jacket caused a huge sensation on social media. The British newspaper said Nirav Modi has started a new diamond business in Soho, a part of the posh West End area in London.
A few weeks back a reporter from a foreign news paper first revealed the presence of Nirav Modi in London.
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.