India sends extradition request to UK for fugitive billionaire

August 04, 2018 / in.investing.com / Article Link

NEW DELHI, Aug 3 (Reuters) - India has asked Britain to extradite billionaire jeweller Nirav Modi, one of the main accused in the $2 billion loan fraud at state-run Punjab National Bank (PNB).

Modi's whereabouts have been unknown since PNB PNBK.NS in January said that two jewellery groups headed by Modi and his uncle, Mehul Choksi, defrauded the bank for years by raising foreign credit using fake guarantees. international police agency Interpol last month issued a request to find and arrest Modi. on Thursday, India's foreign affairs ministry told parliament it had sent an extradition request for Modi to Britain. It did not specify how it knew Modi was there.

Modi and Choksi have denied wrongdoing. Lawyers for both could not be immediately reached for comment on Friday.

The PNB fraud, dubbed as biggest in India's banking history, exposed shortcomings in the management of PNB and undermined confidence in India's state-run banking sector, which controls over two-thirds of the nation's bank assets.

Recent News

Gold stocks outperform, New Found Gold down on initial MRE

March 31, 2025 / www.canadianminingreport.com

Global Mining M&A sees moderate gain in 2024

March 31, 2025 / www.canadianminingreport.com

TSX/TSXV mining could continue to see strong equity capital raising 2025

March 24, 2025 / www.canadianminingreport.com

Gold stocks continue to outperform in move into defensives

March 24, 2025 / www.canadianminingreport.com

Gold stocks reach new highs

March 17, 2025 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok