Nirav Modi Arrested in London

RAPAPORT… Fugitive jeweler Nirav Modi was arrested in central London
Tuesday on behalf of Indian authorities, the city’s police said.


Modi will appear at Westminster Magistrates’ Court Wednesday, the Metropolitan Police said in a statement. The diamond mogul, together with his uncle, jeweler
Mehul Choksi, allegedly defrauded India’s Punjab National Bank of $2 billion — the
largest banking fraud in the country’s history.  



Indian authorities have been seeking Modi’s extradition after
he fled the country last year. In July, an Interpol red notice was issued for
his arrest, and the following month India asked the UK for his return to face
charges. Antigua and Barbuda, where Choksi is current residing, has yet to
agree to his extradition.


Earlier this month, UK newspaper The Telegraph
tracked Modi down to a GBP 8 million ($10.4 million) apartment in London’s West
End. He was also running a diamond business linked to his home
address, the report said.


Following the report, UK Home Secretary Sajid Javid agreed
to extradite Modi to India.


Image: Nirav Modi. (Nirav Modi/Facebook)