Union Bank of India sues fugitive jeweller Nirav Modi in Hong Kong court over fraud, says report
Nirav Modi, 47, has been on the run since February after Indian authorities launched an investigation into his alleged involvement in a Rs 13,600 crore (US$1.8 billion) scam against the Punjab National Bank (PNB), the country's second-largest state-run lender.
Beijing: Union Bank of India has taken fugitive billionaire jeweller Nirav Modi to a court in Hong Kong after two of his companies defaulted on more than $5.49 million in credit facilities, according to a media report.
The bank claimed in a writ filed at the High Court on Wednesday that the Mumbai-born businessman, wanted over a massive financial scam in his home country, guaranteed two loans made to Firestone Trading Private on 21 October 2011 and Firestar Diamond on 15 November 2011, South China Morning Post reported.
The bank is demanding Modi – who owns a chain of jewellery shops from Hong Kong to New York -- pay more than $5.49 million plus interest, after both firms allegedly defaulted on repayments, the report said.
Modi, 47, has been on the run since February after Indian authorities launched an investigation into his alleged involvement in a Rs 13,400 crore scam against the Punjab National Bank (PNB).
The Post reported in April that Indian authorities had submitted a request to Hong Kong's Department of Justice for the provisional arrest of the diamond merchant, who was believed to have been hiding in the city before apparently moving to Britain.
Modi and his uncle and business partner Mehul Choksi are accused of defrauding banks by raising loans from overseas branches of Indian lenders, using fraudulent guarantees. They have denied wrongdoing.
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