Skip to content 
Search

Latest Stories

CBI files extradition request as Nirav Modi's presence in UK confirmed

The UK authorities on Monday (20) have confirmed the presence of business tycoon, alleged to be the mastermind of India’s biggest banking fraud worth over 1.57 billion GBP ($2 billion), Nirav Modi is in their country.

India’s premier investigation agency, Central Bureau of Investigation (CBI) has sent an extradition request to country’s home ministry after getting confirmation on the presence of Nirav Modi in the UK and the request is expected to be sent to London through India’s external affairs ministry, sources said.


The investigation agency has also requested the authorities in the UK to detain Nirav Modi as there is already a Red Corner Notice (RCN) has been issued against him by the Interpol. The RCN was issued following the request by CBI in June, 2018.

In the first week of this year, Nirav Modi, along with his wife Ami Modi, a US citizen, brother Nishal Modi, a Belgian citizen, and uncle Mehul Choksi moved abroad, just a few days before India’s biggest banking scam came into light. Nirav Modi and his three other relatives are accused in the first information report (FIR) filed by CBI in connection with the scam.

Citing business and health reasons, Nirav Modi and Choksi have declined to return to India and to cooperate with the ongoing investigations into the banking fraud. Nirav Modi was able to run across several of parts of the world even after data about his passport revoked by the Indian government was flashed in the Interpol database in February, CBI said earlier.

India’s biggest bank fraud case consists the alleged issuance of fraudulent Letters of Undertakings (LoUs) of more than 1.57 billion GBP to companies of Nirav Modi and his uncle Mehul Choksi by the Punjab National Bank's (PNB) Brady House branch located in Mumbai during the period between 2011-17.

LoU is an assurance provided by an issuing bank to Indian banks with functioning branches in foreign countries to grant short-term loans to the applicant. Nirav Modi, his companies, and other accused allegedly managed to get credit from the overseas branches of Indian banks using the fraudulent PNB guarantees given through LoUs and letters of credit issued by the Brady House branch which were remained unpaid, bringing the liability on the PNB.

More For You

Bangladesh seeks US deal to shield garment industry from tariffs

Workers are engaged at their sewing stations in a garment factory in Savar, on the outskirts of Dhaka, on April 9, 2025. (Photo by MUNIR UZ ZAMAN/AFP via Getty Images)

Bangladesh seeks US deal to shield garment industry from tariffs

BANGLADESH, the world's second-biggest garment manufacturer, aims to strike a trade deal with the US before Donald Trump's punishing tariffs kick in next week, said the country's top commerce official.

Dhaka is proposing to buy Boeing planes and boost imports of US wheat, cotton and oil in a bid to reduce the trade deficit, which Trump used as the reason for imposing painful levies in his "Liberation Day" announcement.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Bond yields ease following Starmer’s support for Reeves

THE COST of UK government borrowing fell on Thursday, partially reversing the rise seen after Chancellor Rachel Reeves became emotional during Prime Minister’s Questions.

The yield on 10-year government bonds dropped to 4.55 per cent, down from 4.61 per cent the previous day. The pound also recovered slightly to $1.3668 (around £1.00), though it did not regain all its earlier losses.

Keep ReadingShow less
modi-trump-getty
Modi shakes hands with Trump before a meeting at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)
Getty Images

Indian exporters watch closely as Trump says trade deal with India likely

THE US could reach a trade deal with India that would help American companies compete more easily in the Indian market and reduce tariff rates, President Donald Trump said on Tuesday. However, he cast doubt on a similar deal with Japan.

Speaking to reporters on Air Force One, Trump said he believed India was ready to lower trade barriers, potentially paving the way for an agreement that would avoid the 26 per cent tariff rate he had announced on April 2 and paused until July 9.

Keep ReadingShow less
Kolhapuri sandal sales surge in India post Prada controversy

Customers shop for 'Kolhapuri' sandals, an Indian ethnic footwear, at a store in New Delhi, India, June 27, 2025. REUTERS/Adnan Abidi

Kolhapuri sandal sales surge in India post Prada controversy

INDIAN footwear sellers and artisans are tapping into nationalist pride stoked by the Prada 'sandal scandal' in a bid to boost sales of ethnic slippers with history dating back to the 12th century, raising hopes of reviving a struggling craft.

Sales are surging over the past week for the 'Kolhapuri' sandals that have garnered global attention after Prada sparked a controversy by showcasing similar designs in Milan, without initially crediting the footwear's origins.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy grew 0.7 per cent in Q1 2025, fastest in a year

THE UK economy expanded at its fastest pace in a year during the first quarter of 2025, driven by a rise in home purchases ahead of a tax deadline and higher manufacturing output before the introduction of new US import tariffs.

Gross domestic product rose by 0.7 per cent in the January-to-March period, the Office for National Statistics (ONS) said, confirming its earlier estimate. This was the strongest quarterly growth since the first quarter of 2024.

Keep ReadingShow less