Interpol seeks arrest of Indian billionaire jeweler Nirav Modi

The Indian billionaire is at the heart of a $2 billion-plus bank fraud case


Reuters July 02, 2018
Federal police last month asked Interpol to issue a red notice to locate Modi, who has been charged in relation to India’s biggest banking fraud. PHOTO: REUTERS

NEW DELHI: Interpol has issued a red notice request to find and arrest fugitive Indian billionaire jeweler Nirav Modi, who is at the heart of a $2 billion-plus bank fraud case, the international agency said on its website.

Federal police last month asked Interpol to issue a red notice to locate Modi, who has been charged in relation to India’s biggest banking fraud.

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The Financial Times, citing Indian and British officials, said last month that Modi had fled to Britain claiming political asylum.

Government-backed Punjab National Bank (PUB) earlier this year said that two jewelry groups headed by Modi and his uncle, Mehul Choksi, had defrauded it of about $2.2 billion by raising credit from other Indian banks using illegal guarantees.

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An internal probe by PNB found that the fraud might have been orchestrated by a few rogue employees, and it escaped detection because of widespread risk-control and monitoring lapses in many areas of the bank.

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A red notice is a “request to locate and provisionally arrest an individual pending extradition”, according to Interpol.

“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.”

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