Update: UK court refuses to grant Nirav Modi bail; orders him remanded in custody till March 29
New Delhi: Nirav Modi, the fugitive jeweller wanted in the 13,000-crore Punjab National Bank scam, has been arrested in London and would be produced in court shortly.
Over the last weeks, Nirav Modi was sighted in London twice, but he had brushed off reporters’ questions with a “no comments”.
Three days ago, UK issued a warrant against him following the Enforcement Directorate’s request for his extradition. But a decision on his extradition cannot be taken without a long-drawn legal process, as is happening in the case of liquor baron Vijay Mallya.
The 48-year-old billionaire had skipped the country last year, weeks before the detection of the Rs. 13,000-crore Punjab National Bank scam.
The Central Bureau of Investigation is probing the scam, which involved fake guarantees in the name of the state-run lender to secure loans.