In December, a British court agreed that another high-profile Indian businessman, aviation tycoon Vijay Mallya, could be extradited to his homeland to face fraud charges. Mallya is currently appealing the decision.
Fugitive businessman Nirav Modi arrested on Tuesday in London. India had asked Britain in August to extradite Modi, one of the main suspects charged in the RS 13,000 crore fraud at state-run Punjab National Bank (PNB), India’s biggest banking fraud.
Police said Modi, 48, had been arrested in the Holborn area of central London on Tuesday and was due to appear at London's Westminster Magistrates Court on Wednesday.
Punjab National Bank, India’s second-largest state-run bank, in 2018 said that two jewelry groups headed by Modi and his uncle Mehul Choksi had defrauded it by raising credit from other Indian banks using illegal guarantees issued by rogue PNB staff.
Modi and Choksi, who have both denied wrongdoing, left India before the details of the fraud became public.
In December, a British court agreed that another high-profile Indian businessman, aviation tycoon Vijay Mallya, could be extradited to his homeland to face fraud charges. Mallya is currently appealing the decision.
In January 2018, PNB first filed a criminal complaint with CBI against Nirav Modi, however, by that time he had already left the country with his family.
The complaint was followed by Enforcement Directorate's raid on his assets worth crores. ED conducted raids across his various properties, and seized his assets, the media was informed that Nirav Modi had left the country even before an FIR was filed.
Various reports then claimed that Nirav Modi, had traveled to the UAE in early January but was forced to move to Hong Kong within a month, because of UAE's stringent laws.
In June 2018, it was reported that Nirav Modi has asked for political asylum in UK against 'political persecution'.
Soon after, reports surfaced that he had fled to Brussels. CBI then had requested Interpol to issue a Red Corner Notice (RCN) against him.
A couple of weeks ago, Nirav Modi was confronted by British newspaper The Telegraph's reporter who posed several questions to the fugitive but he (Nirav Modi) kept replying only this, "Sorry ... no commnet". Nirav Modi was confronted on a busy London street wearing an Ostrich made really expensive jacket.
The reporter has asked various questions to the fugitive including how long he was intending to stay in England and about the PNB fraud, but Nirav Modi did not answer a single question and responded with only "no comment."
According to a report by The Telegraph, Nirav Modi is living in a swanky property and has started a new diamond business in London.
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 "Nirav Modi arrested: Here's how fugitive businessman has evaded Indian agencies since PNB scam came to light")
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