PNB Scam: Fugitive Businessman Nirav Modi Arrested in London

Fugitive businessman Nirav Modi was arrested in London on Wednesday by Scotland Yard. An arrest warrant against was issued him by Westminster Court on March 18. He will be produced in the court shortly, agencies reported.
"Nirav Deepak Modi, 48 (Date of Birth 24.02.71), was arrested on behalf of the Indian Authorities on Tuesday, 19 March, in Holborn," the Metropolitan Police said in a statement. "He will appear in custody at Westminster Magistrates' Court on Wednesday, 20 March," the statement added.
The Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) are investigating Nirav Modi, his uncle Choksi and other partners for money laundering and corruption in connection with the PNB scam. Nirav Modi and Choksi left the country in January last year.
According to reports, the legal procedure of extradition may take its time. Nirav Modi has been chargesheeted by both CBI and the ED. The ED has attached his assets worth Rs 1,873.08 crore under the Prevention of Money Laundering Act (PMLA), and has also seized assets linked to him and his family worth Rs 489.75 crore.