Nirav Modi is the founder of Nirav Modi global diamond jewellery house, has absconded from India in February 2018. He has defrauded of Rs 13,400 crore from Indian Bank. Nirav Modi, the billionaire jeweller at the heart of a more than $2 billion fraud case, has fled to the UK, where he is claiming political asylum, the Financial Times reported on Sunday, citing Indian and British officials.
Britain's Home Office said it does not provide information on individual cases. Nirav Modi could not be contacted by Reuters for comment on the FT report.
Punjab National Bank said earlier in 2018 that two jewellery groups headed by Nirav Modi and his uncle Mehul Choksi had defrauded it of about $2.2 billion by raising credit from overseas branches of other Indian banks using illegal guarantees issued by rogue PNB staff at a Mumbai branch over several years.
Nirav Modi is in London trying to claim asylum from what he calls "political persecution", the FT reported.
Ministry of external affairs told the FT that Indian government was waiting for the law enforcement agencies to approach them before pushing for an extradition, which had thus far not happened. The ministry did not respond to a Reuters request for comment outside regular working hours.
Beside Nirav Modi, India is also seeking Vijay Mallya who fled from India after unpaid loans to his defunct Kingfisher Airlines. Vijay Mallya moved to Britain in March last year.
The Central Bureau of Investigation (CBI) filed charges against more than 25 people in May including Mr Modi, Mr Choksi, former PNB chief Usha Ananthasubramanian, two of the bank's executive directors and three companies belonging to Nirav Modi.
The Central Bureau of Investigation (CBI) had filed charged sheet against the 25 defaulters like Mr Modi, Mr Choksi, former PNB chief Usha Ananthasubramanian, two of the bank's executive directors and three companies belonging to Nirav Modi in May.
Narvi Modi and Mr Choksi have claimed that they did not do anything wrong.
Last month, CBI had accused a senior executive of the bank in a charge sheet filed against her in court. The officer was accused of misleading the state-run bank in late 2016 over the lender's handling of the financial messaging system and credit guarantees that were at the centre of the fraud.