Crime
Indian Diamond Tycoon Accused of $2 Billion Fraud Arrested in London, Police Say
- Judge says ‘substantial risks’ Modi could flee before hearing
- India seeks to extradite Modi for allegedly defrauding a bank
Nirav Modi
Photographer: Mint/Hindustan Times/Getty Images
Nirav Modi, who allegedly defrauded an Indian state-run bank of $2 billion, was denied bail by a London judge who said there were "substantial risks" that the celebrity jeweler could flee while the country seeks his extradition.
U.K. police arrested Modi on Tuesday at the request of Indian authorities as he opened a bank account. The tycoon, who dressed stars including Kate Winslet, Dakota Johnson and Priyanka Chopra, faces charges of fraudulently acquiring guarantees from Punjab National Bank that was later used to obtain loans from abroad, according to complaints filed by the lender.