Jeweller Nirav Modi seeks asylum in the UK in wake of Punjab National Bank fraud scandal

 
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Nirav Modi U.S. Boutique Grand Opening
Modi's designs have been worn by the rich and famous (Source: Getty)

Celebrity jeweller Nirav Modi has claimed political asylum in the UK after fleeing fraud charges in India.

Modi is wanted in his home country for an alleged $2bn bank fraud at Punjab National Bank.

According to a report by the Financial Times, officials in India and the UK say he is in London and is attempting to claim asylum based on what he said was political persecution.

His eponymous brand has been worn by the likes of Karlie Kloss and Rosie Huntington-Whitely. It has a handful of stores around the world in India, New York, Hong Kong and London.

Read more: TSB hit by 10,600 fraud alerts as MPs and regulators slam bosses

In February, India's Central Bureau of Investigation launched an investigation into Modi.

He and his partners are alleged to have conspired with junior PNB officials to fraudulently obtain Letters of Undertaking for payments to overseas suppliers.

Modi's Indian shops have been closed and jewellery seizes after he and his uncle Choksi fled to avoid arrest.

The potential liability of the bank totals up to as much as $1.77bn (£1.32bn).

Read more: Former Anglo Irish boss David Drumm found guilty of €7.2bn fraud

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