British authorities have confirmed to Indian officials that fugitive diamond merchant Nirav Modi, accused of bank fraud worth ₹13,000 crore, is in the U.K. and assured cooperation in locating him.
Punjab National Bank, the country’a second-largest state-run bank, said earlier in 2018 that two jewellery groups headed by Modi and his uncle Mehul Choksi had defrauded it of about $2.2 billion by raising credit from overseas branches of other Indian banks using illegal guarantees issued by rogue PNB staff at a Mumbai branch over several years.
The Central Bureau of Investigation (CBI) said on Monday that it has sent a request to the Interpol for issuance of Red Notice against Mr. Modi and his uncle Mehul Choksi.
Ministry of external affairs told a new source that the government was waiting for law enforcement agencies to approach them before pushing for an extradition, which had thus far not happened.
The CBI and the Enforcement Directorate (ED) said the whereabouts of Mr. Modi were not confirmed. “The Interpol is also yet to determine his present location. The moment his location is established, we will take further action,” said a CBI official. India has sent three letter rogatories to the U.K. Central Authority seeking assistance in investigations against Mr. Modi. The LRs (judicial requests for evidence) were sent to UKCA on March 19, April 14 and April 15.
The Centre is already seeking the extradition of liquor and aviation tycoon Vijay Mallya over unpaid loans to his defunct Kingfisher Airlines after the businessman and co-owner of the Formula One Force India team moved to Britain in March last year.
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