Fugitive diamantaire Nirav Modi, wanted in India over the billion dollar PNB scam, faces arrest in the United Kingdom with a warrant issued by the Westminster Court in London.
According to sources quoted by NDTV, Nirav Modi, will be arrested anytime in the next few days.
The arrest warrant was issued in response to an Enforcement Directorate (ED) request for Modi's extradition, officials said.
They said the investigative agency was recently informed about the issuance of the warrant by the Westminster Magistrate Court and Modi is expected to be put under formal arrest by the local police (London Metropolitan police) soon.
The warrant was issued a few days back and the ED was subsequently informed, they said.
After the arrest, Modi will be brought before the court to secure bail and the legal proceedings for his extradition will begin thereafter, they said. However, Nirav Modi can challenge extradition proceedings.
A similar procedure was followed when absconding liquor businessman Vijay Mallya was arrested by the London police after a warrant was issued based on the ED's request to extradite him to India in a money laundering case pegged at Rs 9,000 crore.
Mallya's case is in final stages in that country.
The ED, early this month, had said that United Kingdom's home secretary Sajid Javid had referred India's request for extraditing Modi to a court for initiating legal proceedings against the diamantaire.
According to investigating agencies, Nirav Modi and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated PNB to the tune of Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs).
The ED had filed the first chargesheet in this case in May last year.
Nirav Modi, Choksi and other accused are facing charges under the PMLA Act and the Indian Penal Code in the fraud case which is being probed by multiple agencies, including the ED.
According to a UK media report last week, Nirav Modi is currently living in a three-bedroom flat occupying half of a floor of the landmark Centre Point tower block in London, where rent is estimated to cost 17,000 pounds a month.
—With inputs from PTI
