Nirav Modi Arrest: Teller Tipped Off Police When PNB Fraud Accused Went to Open Bank Account

London, March 21: Fugitive diamantaire Nirav Modi was arrested in London in connection with a Rs 13,500 crore PNB fraud case and was sent to police custody till March 29 after being denied bail on Wednesday. According to reports, Nirav Modi's lawyer had arranged for him to be arrested at a police station on Monday, March 25. However, the arrest was made five days before schedule.

Nirav Modi visited Metro Bank in London to open an account. A teller tipped off the police about him, reports TOI. The 48-year-old businessman was arrested from Holborn on Tuesday afternoon. The arrest was made seven days after the Westminster Court issued an arrest warrant against Nirav Modi who left India days before the scam came to light in January 2018.

Nirav Modi, through his lawyer George Hepburne Scott, put forward an application for bail of £500,000 (Rs 4.5 crore). His lawyer proposed that his client could report to his local police station. After a lengthy hearing, the judge at the Westminster Magistrates Court observed that Nirav Modi should be kept in Metropolitan Police custody due to his involvement in fraud of high-value funds and access to means of escape. PNB Scam: Enforcement Directorate Files Fresh Charge Sheet Against Nirav Modi.

Nirav Modi fled after allegedly syphoning off about Rs 13,000 crore from Punjab National Bank (PNB) using Letters of Undertaking (LoU) in collusion with his uncle Mehul Choski. The CBI registered an FIR against him on January 31 on the basis of the complaint against him and Choksi from the bank. It was followed by another FIR by the agency against him. Nirav Modi’s Seaside Bungalow 'Roopanya' in Alibaug Demolished Using Controlled Explosives, Watch Video.

Nirav Modi’s brother and wife were also named as accused in the FIR. His wife Ami, a US citizen, brother Nishal, a Belgian, and uncle Choksi, Gitanjali group’s promoter, had also fled the country in the first week of January 2018. The case pertains to allegedly cheating the state-run Punjab National Bank (PNB) through fraudulent issuance of Letters of Undertakings (LoUs) and Foreign Letters of Credit (FLCs).

An extradition request against him had been pending before the UK authorities since September last year. After his custody is over, Nirav Modi will be produced before chief magistrate Emma Arbuthnot, the same judge who oversaw the Vijay Mallya trial.

(The above story first appeared on LatestLY on Mar 21, 2019 08:40 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).