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Indian billionaire arrested in London for alleged fraud of $ 2 billion



Modi was arrested Tuesday on behalf of the Indian authorities, according to a statement issued by the London Metropolitan Police and due to appear on Wednesday before Westminster Magistrates & # 39; Court.

Punjab National Bank, one of India's largest banks, reports fraudulent activity in one of its branches more than a year ago.

India issued a red interpol notice for the arrest of modes, and the London authorities were urged to proceed with it, a spokesman for the Indian Enforcement Directorate said. The Indian Foreign Ministry said in a statement that it welcomes the arrest and will try to deliver modes as soon as possible.

Modi and officials of the bank allegedly issued fraudulent business letters to foreign banks to obtain the buyer's credit, according to the India Central Investigation Bureau (CBI).

"The investigation further revealed that the fraud was committed despite the knowledge of high-ranking Punjab National Bank officials who did not implement the circulars and warnings issued by the Reserve Bank of India to secure the SWIFT operations, misrepresent the factual situation vis-à-vis RBI, "said a statement issued by the CBI last year.

The CBI has searched dozens of offices and confiscated millions of dollars worth of property belonging to modes that deny any wrongdoing. He has already been charged by the office with criminal conspiracy, fraud and corruption.

Forbes once ranked Modi as the 85th richest man in India with a net worth of $ 1

.8 billion.

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His arrest may have implications for upcoming elections in India scheduled for May.

The discovery of suspected fraud and the rejection of Modi's return to India for criminal charges has increased the pressure on Prime Minister Narendra Modi – not related to Nirav Modi – who pledged to fight corruption in India.

The arrest on Tuesday and the possibility of extradition could help to improve the Prime Minister's image.

Rahul Gandhi, leader of the Opposition Party opposition party, has repeatedly attacked PM for his failure to bring refugees back to India.

In 2016, liquor baron Vijay Mallya left the country with an estimated $ 1.6 billion to 17 Indian banks.

Mallya's extradition to India is under way. He denied fleeing the country because of his debts and described the allegations of fraud and money laundering as "wrong, fabricated and groundless".


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