Fugitive businessman Nirav Modi arrested in London, produced before court

Fugitive businessman Nirav Modi arrested in London, produced before court

According to the Scotland Yard, Nirav Modi was arrested "on behalf of Indian authorities on Tuesday afternoon (local time) in Holborn".

Modi had fled the country in January 2018 when the Punjab National bank PNB first reported the scam.

Police in India later raided the homes and offices of Modi and business partner Mehul Choksi, seizing almost US$800 million in jewels and gold.

Modi's lawyers claimed the arrest was unnecessary and premature since their client was allegedly planning to surrender to police sometime next week. He will soon be produced at the Westminster magistrates court. A preliminary hearing in Modi's extradition case was set for March 29.

District Judge Marie Mallon, presiding over the hearing, said that she was not inclined to accept Modi's bail plea due the "high value amount" attached to the allegations against him and that he would have "every incentive" to evade surrendering before the court.

Nirav's whereabouts was a hot button issue in India, he was reportedly arrested because he was trying to open a bank account.

PNB Fraud Case; Nirav Modi Arrested LATEST Updates: In a major setback to Nirav Modi, the Westminister court on Wednesday rejected his bail application.

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India asked Britain to extradite him in August.

The fugitive diamond merchant Modi is wanted for his alleged involvement in ₹13,000 crore Punjab National Bank (PNB) loan default case.

A warrant for Modi's arrest was issued by a Westminister Court on March 18th.

Prior to his arrest, India's main opposition Congress party had used the issue as a weapon to target the ruling Bharatiya Janata Party ahead of an April-May general election.

The Enforcement Directorate (ED) also confirmed that he has been arrested. Among those on Modi's legal team are Anand Doobay, a partner at Boutique Law LLP, who also represented Mallya.

But at the beginning of the month, The Telegraph tracked the jeweller down to a three-bedroom flat occupying half of a floor of the landmark Centre Point tower block, with views across London. The US$1.8b figure cited by the bank resulted in a media frenzy that pressured authorities to quickly search and seize assets from two of his companies, Firestar International and Firestar Diamond International, Modi said.

Punjab National Bank, according to Reuters, claimed previous year that two jewelry groups operated by Modi and his uncle, Mehul Choksi, defrauded it by working with rogue staff.

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