Indian jeweller in fraud probe seeks refuge in UK
A fugitive Indian billionaire wanted in connection with a huge bank fraud is seeking asylum in Britain, a UK newspaper has reported.
Nirav Modi’s jewellery empire counted Naomi Watts, Kate Winslet and other celebrities among its clients.
But Mr Modi is accused of involvement in defrauding Punjab National Bank, India’s second-largest state lender, of US$1.8 billion (Dh6.61bn).
The Financial Times reported on Sunday that Mr Modi, 47, is seeking asylum in Britain over “political persecution”. He has been on the run since the scandal broke in February. There has been no confirmation from either country.
But if confirmed, Mr Modi would be the second Indian billionaire to seek sanctuary in Britain from legal action in India over claimed financial wrongdoing.
The Indian government is seeking the extradition of Vijay Mallya, who fled in 2016 over unpaid loans to his Kingfisher Airlines.
Mr Modi and his uncle and business partner, Mehul Choksi, also a diamond merchant, are being investigated for allegedly defrauding the bank of 2.8bn rupees (Dh152 million).
Punjab National Bank said in February that Mr Modi and Mr Choksi had raised credit with international branches of other Indian banks, using illegal guarantees provided by rogue national bank employees.
Investigators have arrested 25 people in connection with the scam.
Mr Modi, according to
Forbes, had a fortune worth $1.73bn.
The bank last month posted a record quarterly loss for an Indian lender, largely as a result of having to set aside funds to pay other banks for guarantees issued in the scam.