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India

Interpol issues arrest warrant for billionaire Indian diamond merchant Nirav Modi

Nirav Modi is accused of being at the centre of a US$1.8 billion fraud involving India’s second largest public lender, the Punjab National Bank (PNB)

PUBLISHED : Monday, 02 July, 2018, 3:14pm
UPDATED : Monday, 02 July, 2018, 3:29pm

Interpol on Monday issued an arrest warrant for India’s billionaire diamond merchant Nirav Modi, tightening the noose on one of the main suspects in a US$1.8 billion fraud at a major state-run bank.

Modi, thought to be in London, is a jeweller to the stars whose celebrity clients have included Naomi Watts and Kate Winslet.

His eponymous high-end brand has stores in several of the world’s major cities, including Hong Kong.

India last month asked Interpol to issue a so-called red corner notice to help trace Modi after the fugitive gem dealer was last spotted in Britain.

India wants fugitive billionaire Nirav Modi arrested in Hong Kong

A red corner notice seeks the arrest or provisional arrest of wanted persons with a view to extradition.

“Interpol cannot compel any member country to arrest an individual who is the subject of a red notice,” it says on its website.

“Each member country decides for itself what legal value to give a red notice within their borders.”

Indian authorities have charged Modi with money laundering and several Indian courts have issued arrest warrants over his failure to appear before them since he fled the country in February.

The diamond tycoon behind India’s alleged US$2 billion fraud

Modi, 47, is accused of being at the centre of a US$1.8 billion fraud involving India’s second largest public lender, the Punjab National Bank (PNB).

The diamond merchant is worth US$1.73 billion and is 85th on India’s rich list, according to Forbes. His lawyer has denied all the charges.

His escape has caused a massive public outcry, with opposition parties accusing Prime Minister Narendra Modi – no relation – of helping him flee.

Additional reporting by Reuters