Billionaire arrested in London over alleged $2B fraud

March 21, 2019 by Don Saint 0 Comments

UK police have arrested India’s billionaire diamond dealer Nirav Modi in London over his alleged involvement in a bank fraud that could be worth $2 billion.

Modi was arrested Tuesday on “behalf of the Indian authorities,” according to a statement from London’s Metropolitan Police, and is set to appear at Westminster Magistrates’ Court Wednesday.

Punjab National Bank, one of India’s largest, reported fraudulent activity at one of its branches more than a year ago.

India then issued an Interpol Red Notice for Modi’s arrest and London authorities were asked to proceed with it, said a spokesperson for India’s Enforcement Directorate. The Indian foreign ministry said in a statement it welcomed the arrest, and would seek to extradite Modi as soon as possible.

Modi and officials at the bank allegedly issued fraudulent Letters of Undertakings to overseas banks to obtain buyer’s credit, according to India’s Central Bureau of Investigation (CBI).

– CNN

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About Don Saint

PR Guru / Author / Promoter / Controversial Writer / Hip Hop Artiste / Actor / Human Rights Activist. The First Nigerian Hip Hop Artiste to obtain a Masters Degree (M.A) in Arts ( Religion & Human Relations). The author of one of the most controversial books in Nigeria; "Emancipation from Masturbation". With over 12 Movies and 3 Musical albums since 2003. Former Events Manager at Silverbird’s Rhythm Fm Awka Station till 2010. For more info. Call : 08033239298.

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