PNB Scam: Nirav Modi seeks political asylum in the United Kingdom

Nirav Modi may have taken the Vijay Mallya of going to UK to evade the law enforcement officials

Nirav Modi may have taken the Vijay Mallya of going to UK to evade the law enforcement officials

Mr Modi, whose celebrity clients have included actresses Naomi Watts and Kate Winslet, is accused of involvement in a US$1.8 billion (S$2.4 billion) scam against Punjab National Bank.

Earlier in May, the investigative agencies filed a 12,000-page charge sheet against Nirav Modi and 23 others - including his father Deepak Modi, sister Poorvi Mehta, brother-in-law Mayank Mehta, brother Neeshal Modi, and Nihal Modi - in connection with the PNB scam.

Nirav Modi may have taken the Vijay Mallya of going to United Kingdom to evade the law enforcement officials.

London-based newspaper Financial Times on Sunday reported that Modi was in London trying to claim asylum from what he called "political persecution".

The CBI has asked the Interpol to issue a Red Corner Notice against absconding billionaire jeweller Nirav Modi in the over Dollars 2 billion banking scam involving Punjab National Bank, officials said today.

India is already seeking the extradition of Vijay Mallya, a liquor and aviation tycoon, over unpaid loans to his defunct Kingfisher Airlines after the businessman and co-owner of the Formula One Force India team moved to Britain in March previous year.

A spokesman for Britain's Home Office said it does not comment on individual cases.

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This figure is said to be just a part of the total losses.

PNB said in February that Mr Modi and Mr Choksi had defrauded it by raising credit with global branches of other Indian banks, using illegal guarantees provided by rogue PNB employees.

Investigators have arrested 25 people for enabling the defrauding of the bank with forged documents.

Rijiju, after his meeting, said, "The government is making every effort to bring back Nirav Modi and Vijay Mallya".

It recently announced a $32-billion recapitalisation plan to help them clean up their books ahead of the general election in 2019.

Last month PNB posted the largest ever quarterly loss for an Indian lender. The bank reported a net loss of 134.17 billion rupees from January to March, compared with a 2.62 billion rupee profit in the same period previous year.

The banks said they had used unapproved guarantees, issued by rogue PNB staff, to borrow from other lenders.

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