Fallen Diamond Billionaire Loses Bid to Stop India Extradition

One-time diamond tycoon Nirav Modi lost a bid to challenge his extradition from the U.K. to India, where he’s wanted on charges that he orchestrated the largest bank fraud in the country’s history.

Modi is accused of defrauding state-run Punjab National Bank of around $2 billion over seven years. In addition, the one-time billionaire jeweler is charged with threatening to have a witness killed if he testified against him.

London Judge Sam Goozee on Thursday dismissed Modi’s argument that he would face an unfair trial if he were extradited to India.

A lawyer for Modi didn’t immediately return a call and email seeking comment. The ruling can be appealed to a higher court.

Modi was once a jeweler to the stars -- Kate Winslet wore a Modi bracelet and earrings to the Oscars -- and operated boutiques around the world. But since his arrest in March 2019, the 49-year-old has been repeatedly denied bail after judges feared he was a flight risk.

Modi is alleged to have fraudulently obtained guarantees from the state-run lender that were then used to obtain loans abroad.

©2021 Bloomberg L.P.

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