Nirav Modi, the fugitive Indian jeweler businessman, has been arrested by the Police of United Kingdom today. According to the police, the tycoon will be produced in the court as soon as possible.
Nirav has been the talk of the town since the 13,000-crore Punjab National Bank scam came into limelight. The Punjab National Bank fraud was allegedly organized by jeweler and designer Nirav Modi. Nirav, his wife Ami Modi, brother Nishal Modi and uncle Mehul Choksi, all partners of the firms.
The fugitive jeweler is on the Interpol's wanted list for criminal conspiracy, criminal breach of trust, cheating and dishonesty including delivery of property, corruption, money laundering since February 2018.
Enforcement Directorate requested to UK administration about the case of Nirav Modi and his ‘stature’ in Interpol’s list. UK administration listened to the request and issued a warrant against Modi three days ago.
But, before the people start celebrating the arrest of Modi, the fact should be made clearer that he is only arrested, not extradited. The process of Modi’s extradition will take time, as it is taking in the case of similar nature: Vijay Mallya. If the extradition process stops, or get canceled for some reason, he will be set free without any charges.
Another fact should also be remembered that Nirav Modi has applied or political asylum in Britain, which means; not only can he be released free, but he can also get the citizenship of the country. The chances of such a case are low, but still, it is not zero.
Nirav was making news as he was spotted roaming around London, wearing an expensive ostrich-hide jacket. When a reporter spotted Modi roaming on streets, he fired a number of questions on Modi. But the only thing that came out of fugitive businessman was, “No Comments”.