Infocomm Infocomm
24th NBFC100 TECH SUMMIT AWARDS 24th NBFC100 TECH SUMMIT AWARDS
BFSI AI SUMMIT BFSI AI SUMMIT
Home Regulators RBI SEBI TechINFRA Security Data Centre Cloud Services Government Reforms DBT Aadhaar GST Payments Payment Gateways ATM Point of Sale Payment Wallets Fintech Apps Banks Public Sector Private Sector Cooperative NBFCs Year Ender Magazine Magazine Subscription Articles Interviews Webinars Webinar Videos Video Series — Innovation Talk Upcoming Initiatives BFSI Events About Us Contact Us

PNB Scam: Nirav Modi arrested in London on India’s extradition request

nirav modi

nirav-modiThe fugitive jeweller Nirav Modi, wanted in the 14,000-crore scam involving state lender Punjab National Bank (PNB), has been arrested in London on India’s extradition request.

In London, Modi was residing on half a floor of the Centre Point Tower Block, in an apartment whose rent is reported to be around Rs 16 lakh.

AdvertisementElets BFSI AI Summit & Awards, Mumbai

After arrest, he will now be produced in a Westminster court. He is most likely to get a bail but like in the Vijay Mallya case, British authorities may limit his movement.

AdvertisementSAAS

This is marked as a big diplomacy victory for Prime Minister Narendra Modi-led government.

A UK court had issued an arrest warrant against Nirav Modi last week, considering the sanction granted by the UK home secretary on India’s request to hand over the jeweller.

AdvertisementInfoComm India 2026

Earlier this month, Modi was spotted in London’s West End by Britain’s The Telegraph newspaper. The English daily reported that Modi is running a new diamond business in the city.

Further, India is seeking extradition proceedings against Modi’s uncle and co-accused Mehul Choksi, currently in Antigua.

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram.

Our Coverage of News

PFRDA Targets ₹100 Lakh Crore NPS AUM via Banks, UPI

Pension Fund Regulatory and Development Authority (PFRDA) Chairman S. Ramann said on 4 November 2026 that National Pension… Read more →

Digital Gold Push: super.money, JioFinance Woo Dhanteras Buyers

Flipkart-backed payments app super.money and Jio Finance Platform and Service Limited (JFPSL) have rolled out new digital gold… Read more →

SEBI allows NRIs and OCIs to complete KYC digitally from abroad

Policies · BFSISEBI has revised its KYC framework to permit individual persons resident outside India in FATF-compliant countries… Read more →

Sebi eases digital KYC rules for NRIs and foreign investors

Policies · BFSIEffective 3 December, Sebi's revised framework allows persons resident outside India from FATF-compliant countries to complete… Read more →

IRDAI introduces four-layer motor insurance framework from December 15

Policies · BFSIIRDAI has issued a circular creating four distinct sections for private car and two-wheeler policies, giving… Read more →

Private Credit Funds Face Surging Redemption Requests as Withdrawal Caps Bind Investors

News · BFSIRedemption requests at major private credit funds are running well above quarterly caps, raising questions about… Read more →

whatsapp--v1