The British government is yet to send a response to the Indian investigating agencies formal request to the UK authorities for extraditing Punjab National Bank (PNB) scam accused Nirav Modi, said sources familiar with the development.
Investigating officers are now worried that Nirav Modi may have moved to another European country like Belgium and he may use the laws of those countries to evade extradition altogether, sources privy to the developments told CNBC-TV18.
In August, the home ministry had sent an extradition request to the High Commission of India (HCI), London, for onward transmission to the UK authorities.
Last week, the British authorities informed investigation agencies that their letter of request could be shared with the fugitive diamantaire. It contains details of the probe, all the evidence and witness testimonies with the agency.
UK’s Serious Fraud Office, which probes financial frauds, has also claimed that Modi may not have transferred the proceeds of the over Rs 13,000 crore Punjab National Bank fraud to London, saying that it could have been transferred to “Dubai, Hong Kong and the UAE” but not to the UK, according to reports.
Modi and his uncle Mehul Choksi have been accused of defrauded PNB for years by raising foreign credit using fake guarantees.