Fugitive Indian jeweller Nirav Modi denied bail after his arrest in London
- The billionaire is one of the main suspects charged in the US$2 billion loan fraud at state-run Punjab National Bank
A British judge refused to grant Nirav Modi bail after the Indian billionaire jeweller appeared in a London court on Wednesday.
Modi, 48, was arrested in the Holborn area of central London on behalf of Indian authorities who want to extradite him to face charges over a US$2 billion loan fraud at state-run Punjab National Bank (PNB). He was remanded in custody until March 29.
PNB, India’s second-largest state-run bank, last year said that two jewellery groups headed by Modi and his uncle Mehul Choksi had defrauded it by raising credit from other Indian banks using fraudulent guarantees issued by rogue staff of the bank.
They have both denied wrongdoing. Modi’s India-based lawyer could not be reached for comment on Wednesday.
Modi was born into a diamond-trading family, but went on to carve a glittering career for himself. He founded Firestar Diamond in 1999, first dealing in loose diamonds and later manufacturing jewellery for retailers around the world.
In 2010, he started trading under his eponymous brand, opening shops in New York, London and in 2015 at the Elements shopping mall in Kowloon. In 2017, he opened another one at the IFC Mall and a 3,000 sq ft flagship store at an upscale shopping arcade in Tsim Sha Tsui. He boasted among his clients actresses Naomi Watts, Kate Winslet and Priyanka Chopra-Jonas.