Published: Tue, June 12, 2018
Markets | By Otis Pena

CBI seeks Red Corner Notice against Nirav Modi from Interpol

CBI seeks Red Corner Notice against Nirav Modi from Interpol

According to FT report, Nirav Modi is claiming "political persecution" in India and hence has urged for asylum in UK.

Nirav Modi, whose jewellery has been worn by Hollywood and Bollywood stars, is seeking political asylum in London following fraud allegations, the Financial Times has reported.

Britain's Home Office, which deals with the asylum requests, has reportedly refused to confirm or deny the reports of Modi seeking political asylum saying that 'it does not provide information on individual cases'.

Nirav Modi, whose jewellery empire counted celebrities such as Naomi Watts and Kate Winslet among its clients, is accused of involvement in defrauding Punjab National Bank (PNB), India's second-largest state-run lender, of $1.8 billion (Dh6.6bn).

Punjab National Bank has alleged that two jewelry groups headed by Nirav Modi and his uncle Mehul Choksi defrauded it of about US$2.2 billion via transactions that date back to 2011.

KUALA LUMPUR • A former Malaysian central bank official who was part of a team investigating beleaguered state fund 1Malaysia Development Berhad (1MDB) is tipped to be picked as the next governor of the bank, people familiar with the matter said. Authorities say he diverted large sums of the loan money illegally to invest in foreign-based companies.

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Indian police issued a warrant for the billionaire diamond trader's arrest.

The Enforcement Directorate, India's financial fraud-investigating agency, had unsuccessfully approached Interpol in March for an global arrest warrant.

It recently announced a $32 billion recapitalization plan to help them clean up their books ahead of the general election in 2019. Now, he is in the United Kingdom, allegedly claiming he is facing "political persecution".

The FT said: "The presence of another Indian fugitive in Britain has the potential to cause further discord in an occasionally fractious relationship with India".

An Indian government statement said that Shri Kiren Rijiju, deputy interior minister, told on Monday his visiting British counterpart Susan Williams that Britain "should not be viewed as a safe haven for men wanted by the law". "She has agreed to our request in giving full cooperation on Vijay Mallaya or Nirav Modi [issue]".

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