Indian jeweller accused of multi-billion dollar fraud flees

The Indian billionaire jeweller alleged to be at the centre of a $US2.2 billion fraud case is trying to claim asylum in the UK, the Financial Times reports.

Luxury diamond jewellery designer Nirav Modi flees to Uk after being accused of multi-billion dollar money laundering case. Source: Hindustan Times

Nirav Modi, the billionaire jeweller allegedly at the heart of a $US2.2 billion ($A2.9 billion) fraud case in India, is believed to have fled to the UK.

Modi is in London trying to claim asylum from what he calls "political persecution", the Financial Times has reported, citing Indian and British officials.

Britain's Home Office said it does not provide information on individual cases, while Modi could not be contacted by Reuters for comment.

Nirav Modi's Showroom being raided by The Enforcement Directorate on February 15, 2018 in Mumbai, India. Source: Hindustan Times

India's second-largest state-run bank, Punjab National Bank, claimed earlier in 2018 that two jewellery groups headed by Modi and his uncle Mehul Choksi had defrauded the lender of about $US2.2 billion by raising credit from overseas branches of other Indian banks using illegal guarantees issued by rogue PNB staff.

Indian federal police filed charges against more than 25 people in May including Modi, Choksi, former PNB chief Usha Ananthasubramanian, two of the bank's executive directors and three companies belonging to Modi.

Last month, senior executives at the bank were accused by the Indian police, in a charge sheet filed in court, of misleading the central bank in late 2016 over the lender's handling of the financial messaging system and credit guarantees that were at the centre of the fraud.

Vipul Ambani, Arjun Patil, Rajesh Jindal and three other accused were produced in court by the CBI in PNB fraud case, on February 21, 2018 in Mumbai, India. Source: Hindustan Times

India's ministry of external affairs told the FT the Indian government was waiting for the country's law enforcement agencies to approach them before pushing for an extradition, which had thus far not happened.

India is already seeking the extradition of Vijay Mallya, a liquor and aviation tycoon, over unpaid loans to his defunct Kingfisher Airlines after the businessman and co-owner of the Force India Formula One team moved to Britain in March last year.

Modi and Choksi have denied any wrongdoing.