Indian jeweler arrested.
Indian jeweler Nirav modi, a namesake of the Prime Minister of the country, earned the state billions of dollars by selling exclusive jewelry celebrities, was arrested in London on charges of fraud of almost $2 billion.
London police announced the arrest Wednesday, when in fact it was held on Tuesday, at the subway station. As stated in the police report, later on Wednesday.GN Modi will appear before the court. Previously, the London court in Westminster issued a warrant for his arrest at the request of the Indian authorities for extradition.
According to The Telegraph, the 48-year-old Indian billionaire recently started a new jewelry business in SOHO, London, having received the necessary permission from the authorities. He was repeatedly seen in the most fashionable districts of the British capital.
The extradition procedure can take a long time, as happened in the case of alcohol tycoon Vijay Mallia who escaped from India to the UK in 2017 to not return the loans to 90 billion Indian rupees ($1.3 billion), said the Indian Agency NDTV. British authorities recently approved the extradition of Vladimir Mallee, but now the consideration is delayed in the Ministry of internal Affairs of the country.
N. Modi left India in the first of January 2018. Shortly afterwards, the second largest state Bank of India in terms of assets, Punjab National Bank (PNB), announced the discovery of a fraudulent transaction for $1.77 billion, and then tied with violations of N. Modi, his uncle Meshulam, Choksi and their companies.
Punjab National Bank argued that N. Modi fraudulently obtained from him a Bank guarantee to 114 billion Indian rupees ($1.6 billion), and then attracted considerable loans abroad under these guarantees. Fraud probably began in 2011. In the future, the total amount in the case has risen to 135 billion rupees.
The Bank suspect that the billionaire acted in collusion with the managers in the Mumbai branch. According to Indian newspaper Business Today, officials of the Ministry of Finance also helped N. Modi to hide violations and to escape from the country.
Indian authorities have carried out searches of 17 houses, shops and offices belonging to N. Modi and his family, and seized the diamonds, gold, jewellery and cash worth billions of rupees.
Nirav modi, an Indian by origin, but grew up in Belgium. Studied (and dropped out) at the Wharton business school, then returned to their historic homeland, where he began working in the jewelry workshop of his uncle, Mehul, Choksi. N. Modi has created his own brand by Nirav Modi with stores in 16 major cities around the world and jewelry company Firestar Diamond has annual revenues of $2.3 billion In list of Indian billionaires according to Forbes he was ranked 85-th place, but after the allegations of fraud data is no longer updated.
Jewelry work Nirav modi graced the cover of catalogs from Christie’s and Sotheby’s and was popular among Hollywood stars. They were worn by Actresses Kate Winslet, Taraji Henson and Priyanka Chopra, the latter being the face of the brand by Nirav Modi.