PNB fraud case: Nirav Modi arrested in London after India’s extradition request

London: Diamantaire Nirav Modi has been arrested in London after a warrant was issued against him on March 18. He will be produced at the Westminster magistrates’ court on March 20.

According to Reuters, the fugitive billionaire was arrested on Tuesday (March 19).

A London court had issued the arrest warrant against Modi, the main accused in the PNB scam case, in response to an Enforcement Directorate (ED) request for his extradition in a money laundering case.

The ED and the Central Bureau of Investigation (CBI) are investigating Modi, his uncle Mehul Choksi and others for alleged money laundering and corruption to perpetrate the alleged scam in the Brady House branch of the PNB in Mumbai that was unearthed in early 2018.

Modi, 48, is currently living in a three-bedroom flat occupying half of a floor of the landmark Centre Point tower block in London, where rent is estimated to cost £17,000, The Telegraph of the UK had reported.

He has been chargesheeted by both the agencies and the ED has also attached his assets worth Rs 1,873.08 crore under the Prevention of Money Laundering Act (PMLA), and has also seized assets linked to him and his family worth Rs 489.75 crore.

The Red Corner Notice allows security agencies in all Interpol member-countries to track down and arrest the suspect so that extradition proceedings can be started against them.

The move comes as a big boost for India’s agencies hunting Modi in connection with ₹14,356 crore PNB fraud case.