PNB Scam: Nirav Modi, 48, is accused of defrauding the Punjab National Bank (PNB) with over Rs 13,700 crore.
Nirav Modi arrested in London: Nirav Modi, the prime accused in the multi-crore Punjab National Bank scam, has reportedly been arrested in London. Nirav Modi’s arrest has come a couple of days after a London court issued a warrant against him. The Enforcement Directorate, which is probing the PNB case along with the CBI, has been informed about Nirav Modi’s arrest.
Nirav Modi, who was picked up by UK cops from Holborn Metro Station, is likely to be produced in Westminster court later in the day.
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“Nirav Deepak Modi, (Date of Birth 24.02.71), was arrested on behalf of the Indian Authorities on Tuesday, 19 March, in Holborn,” the Metropolitan Police said in a statement.
“He will appear in custody at Westminster Magistrates’ Court on Wednesday, 20 March,” the statement added.
Nirav Modi, 48, is accused of defrauding the Punjab National Bank (PNB) with over Rs 13,700 crore. The ED and the CBI are investigating Nirav Modi, his uncle Mehul Choksi and others for alleged money laundering and corruption to perpetrate the alleged scam in PNB’s Brady House branch in Mumbai that was unearthed in 2018.
The Interpol has issued a Red Corner Notice (RCN) for his arrest after India’s request.
Both the CBI and the ED has chargesheeted him. The ED has attached his assets worth Rs 1,873.08 crore under the Prevention of Money Laundering Act (PMLA). The ED has also seized assets linked to him and his family worth Rs 489.75 crore.
According to UK-based daily, Nirav Modi has taken accomodation in a swanky 8 million pounds apartment in London’s West End. Nirav Modi has also been involved in a new diamond business, it reported, showing a video of him walking in the streets of London.