Modi fled India in February after he was accused of being at the centre of a $1.8bn fraud

This article is more than 2 years old

This article is more than 2 years old

The fugitive billionaire jeweller Nirav Modi was last seen in Britain in March, Indian federal investigators have said.

The Central Bureau of Investigation (CBI) is probing a multi-billion dollar scam allegedly involving Modi, who is worth $1.73bn according to Forbes, placing him 85th on India’s rich list.

“Request letters were written to six countries, namely USA, France, Singapore, Brussels, UAE and UK. Only UK replied to request letter stating Nirav Modi was last seen on March 31 there,” said CBI spokesman Abhishek Dayal.

Media reports in India and Britain in the last few days have said that the jeweller sought asylum in Britain for what he called “political persecution”. Local reports said Modi managed to travel even after his passport was revoked.

Modi’s high-end eponymous brand has stores in several major world cities and boasts celebrity customers including actresses Naomi Watts and Kate Winslet and Bollywood megastar Priyanka Chopra.

He fled India in February after he was accused of being at the centre of a $1.8bn fraud involving India’s second largest public lender, Punjab National Bank (PNB).

The 47-year-old and his uncle and business partner Mehul Choksi, also a diamond merchant, allegedly defrauded PNB out of $43.8m.

This figure is said to be just a part of the total losses. Authorities say he diverted large sums of loaned money illegally to invest in foreign-based companies.

His escape had caused a massive public outcry, with opposition parties accusing the Indian prime minister, Narendra Modi, of helping him flee.

Several Indian courts have issued arrest warrants over his failure to appear before them since he fled. The Enforcement Directorate, India’s financial fraud investigating agency, unsuccessfully approached Interpol in March for an international arrest warrant.