Billionaire jeweller held over £1.5bn bank fraud

A CELEBRITY jeweller accused of embezzling £1.5billion from a bank attempted to block his extradition to his native India yesterday.

Nirav Modi, whose jewellery has been worn by actresses Kate Winslet and Naomi Watts, is suspected of carrying out the biggest banking fraud in India’s history.

He left the country in early 2018 and set up home in an £8million apartment in the West End of London. It is understood that he was given a National Insurance number, has been able to operate online bank accounts and has been in contact with a Londonbased wealth management company that specialises in advising rich foreigners.

Modi, 48, who is worth an estimated £1.32billion was arrested by Scotland Yard on Tuesday and appeared at an extradition hearing at Westminster Magistrates’ Court yesterday.

He spoke to confirm his personal details and to refuse to submit to extradition. Modi, who denies all allegations, was remanded in custody until March 29. The diamond merchant and his uncle Mehul Choksi are accused of defrauding the state-run Punjab National Bank out of £1.5billion in late 2017.

Modi is wanted by Indian police for ‘criminal conspiracy, breach of trust, cheating and dishonestly inducing delivery of property, corruption and money laundering’.

Choksi, 59, has been in Antigua since the allegations emerged.