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Indian Billionaire's Extradition Fight Gears Up In London

Law360, London (May 30, 2019, 6:57 PM BST) -- A jewelry magnate wanted by Indian authorities over an alleged $2 billion loan fraud at Punjab National Bank appeared at a London magistrates court on Thursday, as his legal team sought more time to prepare his defense to the extradition.

Nirav Modi has been accused of defrauding Punjab National Bank of roughly $2 billion over several years by colluding with middle management at a local branch to set him up with fake guarantees that were later used to obtain massive loans from abroad.

The state-run bank filed charges against Modi with Indian authorities in January 2018. He was arrested in the...

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