A British daily reported that Modi, accused in the United States dollars 2-billion Punjab National Bank (PNB) scam, is living in a swanky 8-million pound apartment in London's West End and is now involved in a new diamond business.
The Ministry of External Affairs (MEA) also acknowledged that India is aware of Modi's presence in London and is taking all necessary steps for his extradition.
Centre Point tower block, in London's West End.
Sporting a pink shirt and a black "ostrich leather" jacket, Nirav Modi refused to comment on a host of questions posed by a reporter from The Telegraph.
Modi, 48, is now living in a three-bedroom flat occupying half of a floor of the landmark Centre Point tower block, where rent is estimated to cost 17,000 pounds a month, as per the British Daily report. The rent for a property like this is thought to be about £17,000 a month, while the paper pegged the price of the flat at £8 million.
The remarks come after the Indian government stated earlier in the day that they are aware of the report that Nirav Modi is in London and they have already sent a request for his extradition to the United Kingdom government.
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Modi and his uncle Mehul Choksi, who are wanted in India for loan default, fled the country in the first week of January past year after their companies were found cheating the state-run PNB of Rs 14,000 crore.
"Request for extradition of Nirav Modi to India was sent in July 2018 to the UK". The reporter finally followed him for some time and then asked him if he has applied for political asylum.
On Friday, the PNB scam accused's bungalow in Alibag at Raigad district in India was demolished by the authorities on orders of the Bombay High Court for violation of Coastal Regulation Zone (CRZ) norms.
Forty-eight-year-old Nirav was spotted in a tony neighbourhood of London by British newspaper The Telegraph.
Though Modi's bank accounts in India have been frozen and an Interpol red notice has been issued against him, the fugitive has become involved in a new diamond business in Soho locality, the daily said.
Britain's Department of Work and Pensions has also granted the businessman a National Insurance number, The Telegraph reported quoting unidentified government officials. He has also been in contact with a wealth management company based in west London, which specialises in advice to rich foreigners.