"The extradition process of Nirav Modi is on, we are doing everything as per the law. It takes its own time. The process is legalistic from their side also," sources in Central Bureau of Investigation (CBI) told ANI.
"When we issue a Red Corner Notice (RCN), it is an (international) warrant against the person to whom it is issued," the sources said.
On Monday, a London court issued an arrest warrant against diamond merchant Nirav Modi, who is wanted in India for an alleged loan default case, according to the sources in the Enforcement Directorate.
The arrest warrant was issued by the Westminster Court, the sources added.
The development comes days after the fugitive was tracked down to a 33-storey Centre Point Apartment complex in London`s Theatre District.
The tower was an office complex and was converted into luxury residences with prices ranging from PS2 million to PS55 million all with superb views over the city of London.
Modi is believed to be living in a property worth PS8 million apartments in the tower, the rent for a similar apartment in the tower comes to approximately PS17,000 a month, stated the Daily Telegraph.
One of the prime accused in the PNB scam in India, Modi is the subject of an extradition request by India, along with an Interpol Red Corner Notice being issued against him. Modi is the prime accused in the Rs 13,000 crore PNB fraud, along with his uncle Mehul Choksi.
Choksi was granted citizenship of Antigua and Barbuda on January 15, 2018, while Modi is in London.
Both Modi and Choksi left India in January last year before the PNB scam came out in the public. The duo has not returned to India despite repeated summons from probe agencies and courts.
'The extradition process of Nirav Modi is on, we are doing everything as per the law. It takes its own time. The process is legalistic from their side also,' sources in CBI said.