Nirav Modi arrested in London, to be produced in court

New Delhi, March 20, 2019:

Nirav Modi, the main accused in the Rs 13,000 crore Punjab National bank fraud case, has been arrested in London on Wednesday.

The absconding businessman was arrested on a warrant issued by London's Westminster Magistrates' Court and will be produced before court shortly. A Red Corner Notice was issued by the Interpol against Nirav Modi in June last year who fled immediately after the PNB Scam surfaced last year.

It may be mentioned that on Tuesday as per CBI sources, it was reported that the extradition proceedings of Nirav Modi were underway.

Modi is accused of syphoning Rs 13,000 crore through fraudulent letters of undertaking and letters of credit in collaboration with his uncle Mehul Choksi and bank officials at Brady House branch of PNB in Mumbai.

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