Indian billionaire jeweller Nirav Modi flees to UK
12 June, 2018, 19:17 | Author: Eric Barnett
Indian billionaire jeweller Nirav Modi, wanted over alleged massive bank fraud, has fled to Britain where he is seeking asylum, according to a report.
On February 15, 2018, the ED had registered a money laundering case against Nirav Modi and others under the provisions of the PMLA on the basis of an FIR registered by the Central Bureau of Investigation.
Modi is in London trying to claim asylum from what he calls "political persecution", the Financial Times has reported, citing Indian and British officials.
"A request has been sent to the Interpol", CBI official R. K. Gaur told AFP. Enforcement Directorate (ED) also issued a non-bailable warrant against Nirav Modi and his family members.
Britain's Home Office, which deals with the asylum requests, has reportedly refused to confirm or deny the reports of Modi seeking political asylum saying that 'it does not provide information on individual cases'.
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Billionaire jeweller Nirav Modi is at the centre of the over $2 billion PNB fraud case.
Nirav Modi, the billionaire jeweller at the heart of an alleged Rs 13,000-crore-plus bank fraud, is said to have fled to the United Kingdom and claimed political asylum there.
The Enforcement Directorate, India's financial fraud-investigating agency, had unsuccessfully approached Interpol in March for an worldwide arrest warrant.
It recently announced a $32 billion recapitalization plan to help them clean up their books ahead of the general election in 2019.
It comes as India's government seeks the extradition of liquor tycoon Vijay Mallya over unpaid loans to his beleaguered Kingfisher Airlines after he absconded to Britain in 2016.
Union Minister of State for Home Kiren Rijiju is learnt to have told U.K. Minister Baroness Susan Williams on Monday that he was absolutely "aghast and shocked" at the unfortunate incident relating to the desecration of the Indian flag at Parliament Square by "miscreants in the presence of Metropolitan Police" during the PM's visit to the U.K.in April.
Last month PNB posted the largest ever quarterly loss for an Indian lender - 134.17 billion rupees - largely because it had to set aside funds to pay other banks over the scam.
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