Nirav Modi seeks political asylum in UK, Cites ‘political persecution’ by India

Billionaire jeweller Nirav Modi, who is accused of a $2 billion fraud involving several banks in India, has fled to the United Kingdom seeking political asylum citing persecution by Indian authorities, reports the Financial Times. Nirav Modi and his uncle Mehul Choksi are alleged to have defrauded Punjab National Bank of $2.2 billion by way of fake credit guarantees obtained by branches abroad. The Ministry of External Affairs, quotes FT, said that the Indian government was waiting for UK’s law enforcement agencies to approach them before seeking an extradition. In May, senior executives at the bank were accused by the police, in a charge sheet filed in court, of misleading the Reserve Bank of India in 2016 over the lender’s handling of the financial messaging system and credit guarantees. India is already working to ensuring the extradition of Vijay Mallya, a liquor and aviation tycoon, over bad loans taken by his defunct Kingfisher Airlines after he moved to Britain in March 2017. Source: Swarajyamag.com