Nirav Modi flees to United Kingdom, seeks asylum

Nirav Modi flees to United Kingdom, seeks asylum
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Srinagar: Nirav Modi, the billionaire jeweller at the heart of a more than $2 billion fraud case in India, has fled to the UK, where he is claiming political asylum, the Financial Times reported, citing Indian and British officials.

Punjab National Bank, India’s second-largest state-run bank, said earlier in 2018 that two jewellery groups headed by 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.