INSUBCONTINENT EXCLUSIVE:
The stock of the Delhi-based Punjab National Bank rose as much as 4 per cent on the BSE during the session, before closing with a gain of
3.37 per cent for the day at Rs
The spike in the PNB shares came after the UK police said fugitive jeweller Nirav Modi was arrested in London and produced in the
Westminster Magistrate's Court.Nirav Modi is wanted in the Rs 14,000-crore Punjab National Bank fraud case.Indian government had asked
Britain in August to extradite Nirav Modi, one of the main suspects charged in the India's biggest banking fraud loan fraud.The
48-year-old billionaire had skipped the country last year, weeks before the detection of the Punjab National Bank scam
Nirav Modi's uncle Mehul Choksi, who was also wanted in the case, was granted citizenship of Antigua and Barbuda on January 15,
2018.Punjab National Bank, the country's second-largest state-run bank, in 2018 said that two jewellery groups headed by Nirav Modi and
Mehul Choksi had defrauded it by raising credit from other Indian banks using illegal guarantees issued by rogue PNB staff.He was picked up
yesterday from a metro station Holborn, central London, said officers in the Enforcement Directorate, which is probing the case against
him.(With agency inputs)Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on
TheIndianSubcontinent.com/elections
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