PNB scam: Fugitive businessmen Nirav Modi to be extradited to India after losing appeal in UK court

The High Court in London on Wednesday rejected the appeal of fugitive diamond merchant Nirav Modi and ordered his extradition to India to face charges of fraud and money laundering, amounting to an estimated USD 2 billion in the Punjab National Bank (PNB) loan scam case, news agency PTI reported.

The verdict was delivered by Lord Justice Jeremy Stuart-Smith and Justice Robert Jay, who presided over the appeal hearing earlier this year. Nirav Modi, 51, is the prime accused in the Rs 13,000 crore Punjab National Bank (PNB) scam.The court had reserved its judgment on Nirav Modi's plea on October 12.