Fugitive diamond merchant Nirav Modi, accused of masterminding the Punjab National Bank last year, is all set to be arrested by the London authorities, suggested media reports.
A provisional arrest warrant against billionaire diamantaire, who was recently spotted on the streets of London wearing an Ostrich skin jacket worth almost Rs 10 lakh, has been issued by the Westminster court, top sources told India Today TV.
Sources told that absconding diamond merchant can be arrested any moment now by London police and later will be produced before the Westminster Court. However, strict civilian laws in the United Kingdom might allow him to get bail instantly.
Also Read: Nirav Modi case: Fresh charge sheet filed; ED, CBI teams to leave for London
The UK Home Secretary's office moved the extradition file of Nirav Modi to the Westminster Court in London on March 7, finding his case "fit for extradition".
A request for the extradition of Nirav Modi to India was sent in July 2018.
Back home, the Enforcement Directorate had registered a money laundering case against Nirav Modi and others on February 15, 2018, under the provisions of PMLA on the basis of FIR registered by the Central Bureau of Investigation.
As per the fresh charge sheet, Modi reportedly channelled Rs 934 crore of the defrauded money into his personal account and two other accounts in the name of his family members. Officials told the daily that Rs 560 crore was credited into Modi's account while Rs 200 crore was diverted into his wife's account and Rs 174 crore into his father Deepak Modi's personal bank account maintained abroad.
Also Read: PNB fraud case: Nirav Modi secured fake LoUs to divert funds through dummy firms, says ED
The fugitive diamond merchant, who has been on the run since February 2018, has been found to be doing diamond business in one of the best and high-end markets of London despite India's efforts to bring him back.
Edited by Chitranjan Kumar