Nirav Modi is a jeweler whose designs have been worn by Hollywood and Bollywood stars. He's also a fugitive from the law in India due to his involvement in defrauding Punjab National Bank of $1.8 billion. Two bank employees were accused of initiating fraudulent loans to companies tied to billionaire jeweler Nirav Modi. It is believed that Modi used fake bank letters of understanding to get loans from Punjab National Bank.
Indian police issued a warrant for Modi's arrest. His stores in India have been closed, his bank accounts, cars, and other assets have been seized. Five executives at his company have been arrested. More than $850,000 worth of gold, diamonds, precious metals and stone jewelry were seized from Modi and his companies.
Modi's fall from grace is stunning. Kate Winslet, Naomi Watts, and Rosie Huntington-Whiteley have worn his jewelry. Priyanka Chopra advertises his brand.
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There has been a global manhunt for Modi. It was previously believed he had run off to New York City or Dubai. Now, it turns out that he fled to London, where he is seeking asylum from "political persecution"—or at least he was. As soon as reports hit the wires that he was in London, he jumped on a plan and fled again. He is now believed to be in Brussels. His brother is a Belgian national.
Modi's passport was flagged by the Indian government. However, it is believed he is traveling on a passport from Singapore, since no movement has been logged on his Indian passport since March 31st.
It is expected that the Indian government will seek to place Modi under an Interpol red corner notice, which is, for all intents and purposes, an international arrest warrant. Modi would not be safe from authorities anywhere in the world.
The bank scam he was involved in is the biggest ever in India.
