NEW DELHI: Billionaire jeweler Nirav Modi, currently being accused of a 2 billion dollar fraud has fled to United Kindom seeking political asylum there.
The fraud committed by Nirav Modi and uncle Mehul Choksi came in light in January 2018 when the Punjab National Bank pointed out to a 2.2 billion dollar scam by the duo, by raising false overseas guarantees by numerous Indian Banks. They were assisted by PNB staff members to pull off the fraud over a period of several years. Currently PNB is the second-largest state owned bank.
In connection to this case, the Police have filed charges against Nirav Modi and his associates, including Mehul Choksi, former PNB chief Usha Ananthasubramanian along with two of the bank’s Executive Officials and three of Modi’s companies. CBI in May had filed a 12,000 page charge sheet under the Prevention of Money Laundering Act (PMLA) before a special Court.
As per the statements of Indian and British officials, Nirav Modi has claimed asylum from “political persecution” that he may face in India. The Ministry of External Affairs has stated that it awaits the law enforcement agencies to approach the absconding duo, before initiating extradition proceedings against them.
India is also trying for extradition of Kingfischer Airlines owner and liquor tycoon Viay Mallya, who is in UK and facing charges of money laundering and fraud to the tune of Rs. 9000 crores