- Nirav Modi in London over what he claims is "political persecution"
- He is one of the accused in the Punjab National Bank fraud case
- His uncle Mehul Choksi is also accused of fraud
On May 1, NDTV had reported that Nirav Modi was attempting to hire a lawyer who could help him get political asylum in the UK. The billionaire designer had approached at least two firms in the United Kingdom, sources told NDTV.
Punjab National Bank said earlier in 2018 that two jewellery groups headed by Nirav Modi and his uncle Mehul Choksi had defrauded it of about $2.2 billion by raising credit from overseas branches of other Indian banks using illegal guarantees issued by rogue PNB staff at a Mumbai branch over several years.
Nirav Modi is in London trying to claim asylum from what he calls "political persecution", the FT reported.
India is already seeking the extradition of Vijay Mallya, a liquor and aviation tycoon, over unpaid loans to his defunct Kingfisher Airlines after the businessman and co-owner of the Formula One Force India team moved to Britain in March last year.
Mr Modi and Mr Choksi have denied any wrongdoing.
Last month, senior executives at the bank were accused by the CBI, in a charge sheet filed in court, of misleading the state-run bank in late 2016 over the lender's handling of the financial messaging system and credit guarantees that were at the centre of the fraud.
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