Indian jeweler was arrested in London for fraud for $ 2 billion

London police detained the famous Indian businessman Nirav Modi, who is accused of almost $ 2 billion of fraud in his homeland. The Magistral Court of the Vestminster County, before which the foreigner appeared on the day of the detention, rejected the request for the release and left him under the custody before the decision on extradition, AP reports.

“Modi, who was 48 years old, was detained in the Holborne area on Tuesday,” the police said.

In one criminal case with Nirava Modi, his uncle, businessman-billionaire Mehul Choksi, passes. They earned a fortune on the sale of exclusive jewelry to celebrities and wealthy people.

In 2017, both relatives left the country, and in January 2018 they were put on the wanted list. In December 2018, the Choksi arrest warrant was discharged through Interpol.

In February 2018, the Penjab National Bank (PNB) - the second most in terms of assets of the State Bank of India - announced the identification of fraudulent operations for $ 1.77 billion and sent a complaint that connects these transactions with Nirav Modi and its companies at the Central Bureau of Investigations of India (CBI).

The PNB management claims that the jeweler deceived the bank with financial guarantees for a large amount, attracted large loans for them with the assistance of managers from the Mumbai branch of the organization and disappeared. Dozens of bank employees were removed from work as part of the investigation.

The Indian authorities conducted searches in houses, offices and stores belonging to Modi. Gold, precious stones and ready -made jewelry for a total of more than $ 700 million were seized.