Jeweler Behind $2BN Indian Bank Fraud Reportedly Seeking Political Asylum In London

Four months after news of India's largest-ever banking scandal burst into the headlines when authorities discovered that a series of shell companies tied to a famous Indian jeweler had stolen nearly $2 billion from state-owned banks using an elaborate scheme, the location of the alleged mastermind - who fled with his uncle, also an alleged conspirator, before the fraud was discovered - is coming into focus. Though Indian police have been unable to track him down, Nirav Modi, an Indian jeweller known for building an international luxury brand, is reportedly in London, where he is trying to claim asylum from what he claims is a political persecution.

Nirav

Nirav Modi

His presence - along with that of beverage baron Vijay Mallya - has the potential to complicate the relationship between the UK and India, as both men are seeking refuge from the Indian government in London, where Modi's company has one store, according to the Financial Times.

The case is the latest complicated diplomatic mess inherited by the UK's Home Office not long after Russian businessman and Chelsea Football Club owner Roman Abramovich withdrew his application to renew his British visa after it was delayed.

As one senior UK foreign official told the FT: "There are always a number of complicated cases that add a little tension and spice to our relationship with India."

"But there is also an appreciation from both sides that we have a legal process that has to be gone through and that we are of course governed by human rights legislation."

The scandal rattled investors faith in India's largely state-owned banking sector, and raised questions about how the fraud wasn't detected years earlier. India's banks have largely spurned the SWIFT network for international interbank payments, which purportedly made uncovering the fraud more difficult.

What most people outside India don't realize is that Modi is one of the country's most visible businessmen, who launched one of the country's few truly international brands, by selling his luxurious, western-style jewelry in India, London, New York and Hong Kong.

The news that Modi and his uncle, Mehul Choksi, were likely behind the country's largest-ever bank fraud, shocked and surprised many. What was more surprising was the elaborate nature of the scheme. The two men worked bank insiders to help them use shell companies and fake letters of guarantee generated by Punjab National Bank to solicit loans from foreign branches of other Indian state-owned banks. The scheme, which went on for years, allegedly netted the conspirators $1.8 billion. The news, which broke back in February, sent shares of India's largely state-owned and controlled banks spiraling lower.

Both men reportedly left India in late January - just before the scandal broke, and Choksi's location is still unknown. Meanwhile, an Indian court has issued warrants for the arrest of both men. Police have also shuttered Modi's shops in India and seized jewellery from his stores, frozen his Indian bank accounts, and impounded his cars, including a Rolls-Royce and a Porsche. Still, India's foreign affairs ministry confirmed to the FT that it hasn't yet asked the UK for an extradition - instead, it's waiting to hear from the country's law enforcement agencies, which are "pursuing the case."

Comments

sankol Tue, 06/12/2018 - 02:46 Permalink

London has always been the 'hub' for international criminals of all hues and shades. This is nothing surprising, London is the Satanic centre of the world.

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Leakanthrophy
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In reply to by Pandelis

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In reply to by vaporland

ravolla WTFUD Tue, 06/12/2018 - 09:14 Permalink

Good to see my man Wadalt and our newbies  ll951983  and  gzcekkyret back out from under the couch with  Hot Pockets and back on the threads SPAMMING like a Grease Fire!!!! 

Biblicism = TodaysFox ("I made $7000 sucking cock on the Internet")  SAME SPAMMER!

R.I.P.   "Mr Hankey" who has joined "The Fallen Spammers" -- banned for pathological over the top whackism.

THIS is an important week here in the SPAMMER's BUNKHOUSE.  You see, there are dozens of "personalities" living in this one single sad SPAMMER's sick little mind, which he calls "Spammer's Bunkhouse."  How sick is that?

This week I (we?) are celebrating SEVEN YEARS here on ZH, obsessively SPAMMING every thread we can with off-topic comments.

SAD BUT TRUE!!  I (we?) have wasted my (our) youth (or at least the last seven years) with at least one hand in my pants and the other hand SPAMMING ZH.  Yes, indeed.  DOZENS and DOZENS (maybe hundreds) of log-on's banned -- 
>>  "I made $7500 last week on the Internet sucking cock!": that's me.
>>  Biblicism: that's me.
>>  All the porn at Celebrity-leaks: that's me.
>>  Daily Westerner: that's me.

>>  "In the news....SPAMMER broomsticked by furious readers" -- registered in Nigeria) :: that's me TOO!! 

That's our life (all of us living in Master Spammer's Mind): mopping the floor at the Porn Cinema at 2am, working the drive-thru window at SONIC, sucking cock on the Internet, and spamming ZH with an enormous Excel spreadsheet of the log-on's of dozens of "digital friends" who upvote one another and virtually suck my little micro penis..

MEET my current imaginary friends.  We all live in one SPAMMER's HEAD but as for me, I have gone off the reservation.  These other "personalities" are pretty troubled.

ll951983  <<< NEWBIE  sucks cock on the Internet!
Wadalt
Leakanthrophy
PrivetHedge
bobcatz
Jumanji1959
Annunaki
Powow
  <<<  NEWBIE
Cheoll   <<<  NEWBIE

Mr Hankey    <<<  total utter WHACK JOB  -- joined "The Fallen"
gzcekkyret     <<<  NEWBIE

You know SPAMMERS never die on ZH -- here's just a sampling of the banned log-on's ("The Fallen Spammers") ---

 beepbop, pier, lloll, loebster, ergatz, armada, Mtnrunnr, Anonymous, luky luke, Cjgipper, winged, moimeme, macki mack, tchubby, sincerely_yours, HillaryOdor, winged, lexxus, kavlar, lhomme, letsit, tazs, techies-r-us, stizazz, lock-stock, beauticelli, Mano-A-Mano, mofio, santafe, Aristotle of Greece, Gargoyle, bleu, oops, lance-a-lot, Loftie, toro, Yippee Kiyay, lonnng, Nekoti, SumTing Wong, King Tut, Adullam, evoila, rp2016, alt right dude, altright-girl, alt-right girl, Blufin, Schlomo Scheklestein, BraveForce, Mr Hankey

In reply to by WTFUD

brooklinite8 Tue, 06/12/2018 - 03:06 Permalink

This is the second time in a row.. Vijay Mallya has laid out a template for all the white collar criminals in India. Britain should expedite all Indian criminals to India. India is trying to set an example and here we have the western counter parts teaching us their virtues of debt and deliquency in a fashionable way...In my village he would not have lasted a day... 

rtb61 Tue, 06/12/2018 - 03:37 Permalink

It seems the UK government is facilitating fraud and corruption across the planet. The bigger the criminal the more likely they are to run to London, interesting. The UK the only country in the world running the Terrorists Wars profitably, even to the point of wripping off other governments ie white helmets scam, the US was so sucked in they even awarded those fakes an oscar, hey that's not that bad, they do deserve that oscar for make believe, for creating a yarn the Americans bought, hook like and sinker (they can not even prosecute the fakers because it would be too embarrassing, hundreds of millions of US taz payer dollars, stolen with another scam, this time, fake rescue workers, I here the white helmets will be off to Haiti next or perhaps Venezuela).

The war in Syria started to fizzle out and who pumped it right back up again, why it was the UK government and there is no hiding from it. Not the US government who pushed the war, actually the UK government who pushed the US government into it, with the intent to generate greater returns from the Terror wars, selling arms and munitions, than they spent pretending to fight it. The white helmets a UK contractor and political insider scam to cheat the US government of hundreds of millions of dollars.

One good thing now, UK diplomacy, right now is in the toilet and the lying bastard spawn of the monarchists are in no position to start shit any more, everyone is going to be surprised as the US collapse slows and all of the sudden the UK goes belly up, living on other people's money, means you starve pretty fast when the supply dries up and the UK is in real deep trouble now and will collapse well before the US starts to even get close.

SoDamnMad Tue, 06/12/2018 - 04:25 Permalink

The Brits detained the two bankers (Vladimir Antonov and Raimondas Baranauskas) who swindled the Lithuanian and Latvia affiliate banks Snoras out of ?? perhaps a hundred million dollars before they fled.  After a prosecution and then numerous appeals, these bankers lost. What did the British authorities do? You guessed it. The didn't notify Lithuania who had filed the arrest warrant but rather just released the men who prompted fled to Russia on fake or duplicate passports, never more to be seen again or with the money.

chippers Tue, 06/12/2018 - 06:02 Permalink

As well as being filthy and vile looking Indians are the most corrupt people on earth.  But in this case this curry monkey stole from other curry monkeys not from the white man,  like they do with the h1-b visa scam,  so who gives a fuck.

brooklinite8 chippers Tue, 06/12/2018 - 09:04 Permalink

wow chippers. You seem to be very well educated to put 1.4 billion people in the same category as this guy. Sour apples? Are we complaining about the british looting us? Actually i don't see you complaining about that either... Go back to your den and get your meds. India was a slave nation till 1951. We are getting there. Just wait for few more years you would have to hate us a lot more. Or You can join hands with us filthy looking people and make your self look good. Lol

In reply to by chippers

BetterRalph Tue, 06/12/2018 - 06:34 Permalink

political bank fraud assylum, I never heard of that one before.

HSBC was foreign bank fraud with a Weasle Head, say, "Talk to the hand with the bird. Foreign bank can't be touched by American law.  Foreign banks are LAWLESS, and can launder DRUG CARTEL MONEY and TRANSNATIONAL GANGS."   But the circus don't stop at HSBC with this weasle.

Fort Leavenworth should be Weasle head's next TDY.