Fugitive businessman Nirav Modi has been arrested.
Nirav Modi’s arrest on Tuesday from Holborn metro station in London came 17 months after the fugitive buinessman fled India. He will now be prodcuced before a district judge at Westminster Magistrates’ Court in London to be formally charged.
Nirav Modi is accused of defrauding the Punjab National Bank of to the tune of over Rs 13,000 crore.
Sources have told India Today that with the arrest of Nirav Modi, his extradition proceedings are likely to start soon.
Modi will be eligible to appeal for bail and most likely, he will be granted conditional bail.
Earlier, sources had told India Today TV that a provisional arrest warrant against Nirav Modi was issued by the Westminster court. This came after Nirav Nodi was spotted roaming the streets of London.
Sources had then said that the clock was ticking for Nirav Modi.
A team of Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) are likely to leave for London soon. Top sources have told India Today TV that the top officials of investigative agencies are in touch with UK authorities and Indian High Commission in London is closely monitoring the developments.
Sources say, after being spotted in London by a media house, Nirav Modi had changed his address once again and was staying at a different address.
The UK Home Office on March 7 sent the extradition request of Indian agencies against fugitive Nirav Modi to the Westminster court after it found that the case is fit for extradition.
ED sources have told India Today TV that on March 9, the agency received an email from the UK Home Office which read, the extradition request has been certified by Home Secretary and the same has been sent to the Westminster Magistrate Court.
