Nirav Modi Says, "No Comments" After Being Spotted For The Second Time

Nirav Modi Says, "No Comments" After Being Spotted For The Second Time

Nirav Modi Says, "No Comments" After Being Spotted For The Second Time

New Delhi: Nirav Modi, the fugitive jeweller who is wanted for loan fraud in India, was yet again spotted by the media in London. This comes a day after the UK put out an arrest warrant for him. Just like the last time,  Nirav Modi only responded: "No comments".

The fugitive jeweller was sighted at what appeared to be an eatery at his Centre Point home in an upscale part of London.

Nirav Modi, 48, can be arrested anytime over the next few days after the warrant was issued following the Enforcement Directorate's request for his extradition. The sources in the Enforcement Directorate said that his arrest is likely by next week.

In Nirav Modi's case, a similar procedure as that of liquor baron Vijay Mallya will be followed. Vijay Mallya also fled India two years ago just as banks were trying to recover unpaid loans from him.

The extradition of the liquor baron was approved recently and is now pending with UK's Home Office.

The arrest of a fugitive jeweller, will enable the start of a trial against him in the Westminster court. If the court decides, London will issue an order to extradite the tycoon to India. However, Nirav Modi can challenge the court's order.

The jeweller, Nirav Modi along with his uncle Mehul Choksi are the main accused in the Rs. 13,000-crore Punjab National Bank scam. The scam involves fake guarantees in the name of the state-run lender to secure loans overseas.

Nirav Modi and Mehul Choksi had left India in January last year before the CBI started investigating the PNB scam.

Nirav Modi, earlier this month was seen walking on the streets of London by a reporter of the British newspaper The Telegraph. Mr Modi's moustache and expensive ostrich hide jacket went viral on the internet.