Fugitive jeweler Nirav Modi, who is wanted in the $2bn Punjab National Bank scam was arrested in London and produced in court, however, is denied bail despite offering £500,000 as bail bond and will remain in jail till March 29. The UK police said he was picked up yesterday from Holborn in central London. Three days ago, UK issued a warrant against him following the Enforcement Directorate's request for his extradition. The issuance of the arrest warrant by the Westminster Court sets the ball rolling for Modi’s extradition.
Modi is believed to be living at a 33-storey Centre Point Apartment complex in London's Theatre District. Over the last weeks, he was sighted in London twice, walking around in an expensive ostrich-hide jacket. He had brushed off the questions of the reporters who spotted him, with a “no comments”. A decision on his extradition cannot be taken without a long-drawn legal process, as is happening in the case of fugitive liquor baron Vijay Mallya.
Modi had skipped the country last year, weeks before the detection of the Rs 13,000 Crore Punjab National Bank scam. His relative Mehul Choksi, who was also wanted in the case, was granted citizenship of Antigua and Barbuda on January 15, 2018. The Central Bureau of Investigation is probing the scam which involved fake guarantees in the name of the state-run lender to secure loans overseas.
