Insta
Nirav Modi Seeks Political Asylum In UK, Cites ‘Political Persecution’ By India
Swarajya Staff
Jun 11, 2018, 04:58 PM | Updated 04:58 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Billionaire jeweller Nirav Modi, who is accused of a $2 billion fraud involving several banks in India, has fled to the United Kingdom seeking political asylum citing persecution by Indian authorities, reports the Financial Times. Nirav Modi and his uncle Mehul Choksi are alleged to have defrauded Punjab National Bank of $2.2 billion by way of fake credit guarantees obtained by branches abroad.
The Ministry of External Affairs, quotes FT, said that the Indian government was waiting for UK’s law enforcement agencies to approach them before seeking an extradition.
In May, senior executives at the bank were accused by the police, in a charge sheet filed in court, of misleading the Reserve Bank of India in 2016 over the lender’s handling of the financial messaging system and credit guarantees.
India is already working to ensuring the extradition of Vijay Mallya, a liquor and aviation tycoon, over bad loans taken by his defunct Kingfisher Airlines after he moved to Britain in March 2017.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.