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India Seeks Interpol’s Help in Hunt for Modi
Jun 13, 2018 3:48 AM
By Rapaport News
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RAPAPORT... Indian authorities have called on Interpol to help track
down Nirav Modi, according to Reuters, following reports the fugitive jeweler
is in the UK.
The nation’s federal law-enforcement agency has asked the international
police organization to issue a “red notice” — a request to locate and arrest a
suspect pending extradition, Reuters reported Monday. Modi, the subject of a $2
billion bank-fraud investigation, is in London claiming political asylum, according to a Financial
Times report Sunday that cited officials in India and the UK.
India’s state-owned Punjab National Bank (PNB) alleged Modi
and his uncle, Mehul Choksi, the managing director of Gitanjali Gems, had defrauded it of $2 billion by obtaining
unauthorized loans with the help of rogue employees. Both Modi and Choksi left
India before news of their alleged offenses emerged earlier this year, and
their passports are no longer valid, Reuters said.
Last week, a US court approved the appointment of a Chapter
11 trustee to oversee the bankruptcy of Modi’s US companies, Firestar Diamond,
Fantasy and A. Jaffe, following calls from parties including PNB. Appointing
that type of trustee is a rare move and occurs when there is evidence of fraud
or mismanagement, or if the court believes it is in stakeholders’ best
interests.
Image: Shutterstock
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Tags:
a. jaffe, chapter 11, fantasy, firestar diamond, fraud, Interpol, Mehul Choksi, Nirav Modi, PNB, police, Punjab National Bank, Rapaport News
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