Fugitive Indian celebrity jeweller Nirav Modi, wanted for his part in an alleged US$2 billion fraud in which he employed fraudulently obtained letters of credit (L/Cs) and letters of undertaking (LoUs), is facing legal proceedings in Britain to extradite him from there back to India.

Modi and his uncle Mehul Choksi allegedly raised credit from overseas branches of other Indian banks using illegal guarantees issued with the connivance of Punjab National Bank staff in India's largest ever fraud (DC World News, 23 May 2018).

Arrest imminent

Modi was identified and photographed in London by British media earlier this month after which the UK issued an arrest warrant for him.

The 48-year-old billionaire can be arrested at any time over the next few days after the warrant was issued following India's Enforcement Directorate's request for his extradition.

Enforcement Directorate sources expect him to be arrested within the next few days.

Challenge expected

Modi's arrest will enable the start of a trial against him in a London court.

If the court decides, it will issue an order to extradite the tycoon to India. Modi is expected to challenge the order.

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