Indian billionaire seeks asylum in UK

AN INDIAN jeweller on the run over a £1.4 billion alleged bank fraud is hiding in Britain, according to officials.

Nirav Modi, a billionaire whose well-known clients have included the actresses Naomi Watts and Kate Winslet, is accused of involvement in a scam against Punjab National Bank (PNB), India’s second-largest staterun lender.

Officials in India and Britain have claimed that Mr Modi has sought asylum in Britain for what he called “political persecution”, according to the Financial Times.

Indian investigators are examining claims that Mr Modi and Mehul Choksi, his uncle and business partner, also a diamond merchant, defrauded PNB of 2.8 billion rupees (£31million). This figure is said to be just a part of the total losses.

Mr Modi and Mr Choksi allegedly defrauded PNB by obtaining credit from international branches of other Indian banks using illegal guarantees provided by rogue PNB employees, according to the bank.

Investigators have arrested 25 people on charges of enabling the defrauding of the bank with forged documents.

Mr Modi, the third generation of his family to go into the diamond trade, is worth £1.3 billion according to Forbes, placing him 85th on India’s rich list. His high-end Nirav Modi brand has stores in several of the world’s major cities.