Nirav Modi is the second businessman after Vijay Mallya to be declared a fugitive economic offender under provisions of the new Fugitive Economic Offenders Act, which came into existence in August last year.
The officials said that the global arrest warrant against the Belgian national Nehal Deepak Modi, 40, has been issued on charges of alleged money laundering that is being probed by the Enforcement Directorate.
The ED registered a case after the Central Bureau of Investigation lodged an FIR in October 2017 on account of cheating and bank fraud to the tune of Rs. 5383 crore against the said company and its promoters.
The 48-year-old has been lodged at Wandsworth prison in south-west London, since his third attempt at seeking bail was rejected by Chief Magistrate Emma Arbuthnot at the last hearing at Westminster Magistrates’ Court earlier this month.
Judge Emma Arbuthnot on Friday hearing the second bail plea of Nirav Modi asked the prosecution whether the fugitive diamantaire would be lodged in the same jail cell along with Vijay Mallya if he is also extradited to India.