Fugitive Indian businessman Nirav Modi once operated jewelry boutiques in Hong Kong and Macau. Indian authorities have seized diamonds, pearls and silver jewelry worth millions of dollars as part of an investigation of fugitive diamond merchant, Nirav Modi, who is being held in London while fighting his extradition. The jewels and gems belonged to Nirav Modi, whose jewels once adorned stars from Bollywood to Hollywood, and his uncle Mehul Choksi, who also fled India and is living in Antigua. He was arrested by British authorities last year, more than a year after Indian authorities alleged he was involved in a $1.8 billion bank fraud. Indian authorities have sought his extradition to face prosecution, claiming that the companies Nirav Modi controlled defrauded the state-owned Punjab National Bank by using fake financial documents to get loans to buy and import jewels.

Source: The Standard June 11, 2020 08:03 UTC