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| Indian gem billionaire Nirav Modi 'fled to London' | |
| (35 minutes later) | |
| Nirav Modi, whose jewellery has been worn by Hollywood and Bollywood stars, is seeking political asylum in London following fraud allegations, the Financial Times has reported. | Nirav Modi, whose jewellery has been worn by Hollywood and Bollywood stars, is seeking political asylum in London following fraud allegations, the Financial Times has reported. |
| The Indian jeweller went missing in February after allegations emerged of a $2bn fraud at the Punjab National Bank. | The Indian jeweller went missing in February after allegations emerged of a $2bn fraud at the Punjab National Bank. |
| Indian police issued a warrant for the billionaire diamond trader's arrest. | |
| His firm's Indian stores were closed, and assets were seized including bank accounts and luxury cars. | |
| Over the past eight years Mr Modi has established an international jewellery brand with stores in London, New York and Hong Kong, selling diamond encrusted necklaces and earrings. | Over the past eight years Mr Modi has established an international jewellery brand with stores in London, New York and Hong Kong, selling diamond encrusted necklaces and earrings. |
| Stars such as Kate Winslet, Rosie Huntington-Whiteley and Naomi Watts, have been seen wearing his products. Bollywood star Priyanka Chopra advertises the brand. | Stars such as Kate Winslet, Rosie Huntington-Whiteley and Naomi Watts, have been seen wearing his products. Bollywood star Priyanka Chopra advertises the brand. |
| The success made him one of India's richest people, with a personal wealth of $1.75bn, according to Forbes. | The success made him one of India's richest people, with a personal wealth of $1.75bn, according to Forbes. |
| Earlier this year Punjab National Bank (PNB), India's second-largest state-run bank, alleged Mr Modi and his uncle Mehul Choksi had defrauded it of around $2.2bn. | Earlier this year Punjab National Bank (PNB), India's second-largest state-run bank, alleged Mr Modi and his uncle Mehul Choksi had defrauded it of around $2.2bn. |
| The banks said they had used unapproved guarantees, issued by rogue PNB staff, to borrow from other lenders. | The banks said they had used unapproved guarantees, issued by rogue PNB staff, to borrow from other lenders. |
| Both Mr Modi and Mr Choksi have denied any wrongdoing. | Both Mr Modi and Mr Choksi have denied any wrongdoing. |
| The Financial Times said that Mr Modi is now in London and seeking asylum from "political persecution". The report cites UK and Indian officials. | The Financial Times said that Mr Modi is now in London and seeking asylum from "political persecution". The report cites UK and Indian officials. |
| The Home Office said it could not comment on individual cases. | The Home Office said it could not comment on individual cases. |