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A billionaire jeweler, who is at the heart of a $2bn banking fraud in India, has reportedly fled to the UK where he is claiming political asylum.
According to a report in the Financial Times, Nirav Modi is in London trying to claim asylum from what he calls “political persecution”. Meanwhile, Home Office has said that it does not provide information on individual cases.
According to India’s Punjab National Bank, two jewelry groups headed by Modi and his uncle Mehul Choksi had defrauded it of about $2.2bn by raising credit from overseas branches of other Indian banks using illegal guarantees.
India’s ministry of external affairs also told the FT that the Indian government was waiting for the country’s law enforcement agencies to approach them before pushing for an extradition, which had thus far not happened.
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