India Seeks Interpol's Help in Hunt for Modi

RAPAPORT... Indian authorities have called on Interpol to help trackdown Nirav Modi, according to Reuters, following reports the fugitive jeweleris in the UK. The nation's federal law-enforcement agency has asked the internationalpolice organization to issue a "red notice" - a request to locate and arrest asuspect pending extradition, Reuters reported Monday. Modi, the subject of a $2billion bank-fraud investigation, is in London claiming political asylum, according to a FinancialTimes report Sunday that cited officials in India and the UK. India's state-owned Punjab National Bank (PNB) alleged Modiand his uncle, Mehul Choksi, the managing director of Gitanjali Gems, had defrauded it of $2 billion by obtainingunauthorized loans with the help of rogue employees. Both Modi and Choksi leftIndia before news of their alleged offenses emerged earlier this year, andtheir passports are no longer valid, Reuters said.Last week, a US court approved the appointment of a Chapter11 trustee to oversee the bankruptcy of Modi's US companies, Firestar Diamond,Fantasy and A. Jaffe, following calls from parties including PNB. Appointingthat type of trustee is a rare move and occurs when there is evidence of fraudor mismanagement, or if the court believes it is in stakeholders' bestinterests.Image: Shutterstock