— Nirav Modi, who allegedly defrauded an Indian state-run bank of $2 billion, was denied bail by a London judge who said there were “substantial risks” that the celebrity jeweler could flee while the country seeks his extradition.
Judge Marie Mallon made the ruling in a London court on Wednesday, after Modi, wearing a white button down shirt and black trousers, said he would fight extradition. Extraditing Modi, and other tycoons including Vijay Mallya, a colorful beer baron who now lives in London after an airline he owned defaulted on $1.3 billion in loans, is becoming an election issue for Prime Minister Narendra Modi, who’s no relation to Nirav. Prosecuting wealthy individuals accused of breaking the law could boost the prime minister’s image ahead of polls due to start next month. Mallya and Nirav Modi deny the allegations.
“It’s a success to Modi government’s efforts in catching defaulters.’’ said Harish Ramaswamy, a political analyst and professor of political science at Karnataka University. “Congress is losing issues and will have to be defensive. It will go in BJP’s favor.’’
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