Fugitive Diamond Merchant Nirav Modi Arrested In London, Bail Rejected

Diamond merchant Nirav Modi, a conman wanted in India after committing fraud of INR₹ 13,000 crore was arrested in London on Tuesday afternoon. Nirav Modi is involved in the Punjab National Bank scam was produced at the Metropolitan Magistrate’s court.

The court rejected Modi’s bail, he will be in jail till the 29th March 2019, when the next hearing will take place. Modi offered GB£ 500,000 (half a million pounds) as a bail bond which the court rejected.

Last week, the UK government issued a warrant against him following India’s request for his extradition. However a decision on the extradition cannot be taken without a long legal procedure, just like in the case of fugitive liquor baron Vijay Mallya.

As reported by ‘The Telegraph’ Nirav Modi is living in a luxury Apartment  in London’s West End. The diamond dealer was taped on camera last month, he was seen walking around in an expensive ostrich hide jacket. He ignored questions of the reporter with “no comments”. The Telegraph also reported that he has started a diamond business in Soho after acquiring necessary permits.

The 48 year old billionaire left India last year, few weeks before the  INR₹ 13,000 crore Punjab National Bank scam became national headline. His uncle Mehul Choksi who is also wanted in the case fled to Antigua and Barbuda after being granted citizenship.

The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) are probing the scam.

In the court charges were formally applied, however there is still a long legal battle to be fought in the United Kingdom before he’s finally handed over to India.