Crime

Indian Jeweller wanted for $2bn fraud seeks asylum in UK

Modi is alleged to have worked with bank employees to obtain huge unsecured loans over a seven-year period

Indian jewellery billionaire Nirav Modi is said to be seeking political asylum in London after being accused of ‘cheating’ state-owned Punjab National Bank (PNB) out of nearly $2bn (£1.7bn)

According to reports Indian police who have a warrant for his arrest have been trying to track Modi since the allegations in February.

Modi is a third-generation jewellery tycoon whose clients have included Kate Winslet and Priyanka Chopra with stores located in London, New York and Hong Kong.

According to the Financial Times officials in India and the UK believe he is in London and is trying to claim asylum from what he called political persecution.

Modi is alleged to have worked with bank employees to obtain huge unsecured loans over a seven-year period, according to a complaint filed by PNB.

According to PNB, some of the loans were used to “replenish lines of credit” with other lenders and the scam could have “wider ramifications” for India’s ailing banking sector.

Modi was last seen flying out of India along with his family on 1 January 2018 and is yet to comment on the claims.

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Lewis Catchpole

Lewis is a multimedia journalist and a alumnus of the University of Sheffield. He is a keen reader, follower of all sports and an avid supporter of Manchester United, for better or for worse. If you have any news or feature ideas please do not hesitate to contact.

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