India wants fugitive billionaire Nirav Modi arrested in Hong Kong
Renowned diamond merchant, accused of involvement in his country’s biggest ever banking fraud, believed to be hiding in the city
India was on Friday night seeking the arrest of Nirav Modi, the fugitive billionaire jeweller at the centre of the country’s biggest ever banking scam, who was believed to be hiding in Hong Kong.
A source confirmed that Indian authorities had submitted a request to the city’s Department of Justice for the provisional arrest of the diamond merchant, wanted over a US$2 billion (HK$15.7 billion) fraud at the state-run Punjab National Bank.
“We have reason to believe that he is in Hong Kong,” the source said, adding that the provisional arrest would be the precursor to an extradition request.
Both diamond merchants have denied wrongdoing.
Modi, who Forbes ranked as India’s 85th richest man, with a net worth of US$1.74 billion last year, was the founder of Firestar Diamond and a jeweller to Hollywood stars such as Naomi Watts and Kate Winslet. The company filed for bankruptcy in a New York court in February.