New Delhi: PNB fraud accused Nirav Modi was arrested by the Scotland Yard in London on Wednesday, more than a year after he escaped from India after defrauding Punjab National Bank (PNB) of ₹14,356 crore. Senior officials familiar with the development said that Modi will now be produced in a London court, before the commencement of his extradition hearing.
Nirav Modi was arrested at the Holborn tube station in London. He will be produced before a London court at 3pm (UK time). PNB shares jumped over 3% intraday on the news of Nirav Modi's arrest.
Nirav Modi's arrest came days after a London court issued an arrest warrant against him in response to a request by the Enforcement Directorate (ED) for his extradition in a money laundering case.
"Nirav Deepak Modi, 48 (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.
It would seem that his arrest is on an extradition warrant, details of which would become clear when he appears before Westminster Magistrates’ Court in London.
In July, Interpol had issued a red corner notice against Nirav Modi, his brother Neeshal Modi and close aide Subhash Parab, who was an executive with the Nirav Modi group.
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.
The Central Bureau of Investigation (CBI) had requested the UK authorities to detain Nirav Modi, with the UK confirming Modi’s presence on its soil.
Meanwhile, in a related development, a Mumbai PMLA court on Wednesday issued a non-bailable warrant against Nirav Modi's wife Ami Modi. Her last known location was in the US.
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