Do Kwon, the failed cryptocurrency boss who engineered the $40 billion (£32.7 billion) collapse of the terraUSD and Luna tokens, is allegedly hiding in Serbia, according to South Korean officials. Prosecutors for Seoul's Southern District said they will work in tandem&nbsp;with Serbia to get him into&nbsp;custody. After the tokens collapse&nbsp;in May,&nbsp;Kwon, 31, was charged with fraud and violations of capital markets legislation. Interpol issued a global arrest order for him in September.

The next month, South Korean authorities said that he had left Singapore, where the headquarters of his firm Terraform were located, and had flown through Dubai to an unidentified nation, as reported by BBC.&nbsp;

The Interpol "Red Notice" is a notice to all law enforcement agencies throughout the world to find and temporarily detain a suspect pending extradition, surrender, or other legal action.

Despite not having an extradition agreement, Serbia and South Korea have previously complied with demands made under the European Convention on Extradition.

Also WATCH |&nbsp;Crypto fugitive Do Kwon is in Serbia, says South Korean intelligence department

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Despite earlier denying that he is hiding, Mr. Kwon has not disclosed his location.

"I am not 'on the run' or anything similar - for any government agency that has shown interest to communicate, we are in full cooperation and we don't have anything to hide," he tweeted in September.

In relation with the alleged stablecoin Terra and its sibling token Luna, prosecutors have also filed arrest warrants for five more individuals. These individuals have not been identified. Stablecoins are intended to have a largely constant price and are typically anchored to a physical good or currency; nonetheless, Terra's value plummeted amid this year's general cryptocurrency slump.

WATCH WION LIVE HERE:

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Do Kwon, the failed cryptocurrency boss who engineered the $40 billion (£32.7 billion) collapse of the terraUSD and Luna tokens, is allegedly hiding in Serbia, according to South Korean officials.

Do Kwon, the failed cryptocurrency boss who engineered the $40 billion (£32.7 billion) collapse of the terraUSD and Luna tokens, is allegedly hiding in Serbia, according to South Korean officials. Prosecutors for Seoul's Southern District said they will work in tandem with Serbia to get him into custody. After the tokens collapse in May, Kwon, 31, was charged with fraud and violations of capital markets legislation. Interpol issued a global arrest order for him in September. The next month, South Korean authorities said that he had left Singapore, where the headquarters of his firm Terraform were located, and had flown through Dubai to an unidentified nation, as reported by BBC. The Interpol "Red Notice" is a notice to all law enforcement agencies throughout the world to find and temporarily detain a suspect pending extradition, surrender, or other legal action. Despite not having an extradition agreement, Serbia and South Korea have previously complied with demands made under the European Convention on Extradition. Also WATCH | Crypto fugitive Do Kwon is in Serbia, says South Korean intelligence department Despite earlier denying that he is hiding, Mr. Kwon has not disclosed his location. "I am not 'on the run' or anything similar - for any government agency that has shown interest to communicate, we are in full cooperation and we don't have anything to hide," he tweeted in September. In relation with the alleged stablecoin Terra and its sibling token Luna, prosecutors have also filed arrest warrants for five more individuals. These individuals have not been identified. Stablecoins are intended to have a largely constant price and are typically anchored to a physical good or currency; nonetheless, Terra's value plummeted amid this year's general cryptocurrency slump. WATCH WION LIVE HERE:

South Korea claims crypto-fugitive Do Kwon is in Serbia, two months after Interpol issued a 'red notice'

The Chief Judicial Magistrate of Surat, on Wednesday, issued an order declaring fugitive diamantaire and Punjab National Bank (PNB) scam accused Nirav Modi as an absconder in a case filed against him by the Directorate of Revenue Intelligence (DRI) for allegedly evading customs duty on import of diamonds and pearls.

Modi was declared an absconder under Section 82 of the code of criminal procedure in the case.

A case of diversion of diamonds and pearls from Special Economic Zone (SEZ) units in Surat by Modi was booked in December 2014, by the DRI, Mumbai Zonal Unit.

The case was about the diversion of duty-free imported goods by the SEZ units of Nirav Modi's companies in Surat - Firestar International Pvt. Ltd., Firestar Diamond International Pvt. Ltd. and Radashir Jewellery Comp. Pvt. Ltd. These units were allegedly into import and export of diamonds, pearls and jewellery.

In the units situated at SEZ, the goods were allowed to be imported customs duty-free for the purpose of export.

However, during the investigation by the DRI, it was revealed that the duty-free diamonds and pearls imported by Modi's companies were clandestinely diverted into the local market and substituted by the locally procured diamonds and pearls.

The companies had allegedly paid Rs. 48.21 crores (customs duty along with interest and penalty) in that case.

During the investigation, the DRI had also seized the export consignments ready for dispatch for Hong Kong and Dubai, lying at Sahar Air Cargo in Mumbai, which was highly overvalued.

The department filed prosecution in the Surat Court against Modi for his alleged role in the evasion of customs duty.The Chief Judicial Magistrate had issued an arrest warrant against Modi on June 22.

As he was not available at his known addresses, the court proclaimed the fugitive jeweller as an absconder.

This will enable the DRI in addition to other things to attach his properties. On October 1, the Enforcement Directorate (ED) attached assets worth Rs 637 crore belonging to Modi in connection with the PNB scam.

Modi and his uncle Mehul Choksi have been accused of allegedly defrauding PNB of $ 2 billion.

While Choksi is in Antigua, Modi is in the United Kingdom and needs to be extradited as non-bailable warrants have been issued by different courts against him.&nbsp;

The Chief Judicial Magistrate of Surat, on Wednesday, issued an order declaring fugitive diamantaire and Punjab National Bank (PNB) scam accused Nirav Modi as an absconder in a case filed against him by the Directorate of Revenue Intelligence (DRI) for allegedly evading customs duty on import of diamonds and pearls.

The Chief Judicial Magistrate of Surat, on Wednesday, issued an order declaring fugitive diamantaire and Punjab National Bank (PNB) scam accused Nirav Modi as an absconder in a case filed against him by the Directorate of Revenue Intelligence (DRI) for allegedly evading customs duty on import of diamonds and pearls. Modi was declared an absconder under Section 82 of the code of criminal procedure in the case. A case of diversion of diamonds and pearls from Special Economic Zone (SEZ) units in Surat by Modi was booked in December 2014, by the DRI, Mumbai Zonal Unit. The case was about the diversion of duty-free imported goods by the SEZ units of Nirav Modi's companies in Surat - Firestar International Pvt. Ltd., Firestar Diamond International Pvt. Ltd. and Radashir Jewellery Comp. Pvt. Ltd. These units were allegedly into import and export of diamonds, pearls and jewellery. In the units situated at SEZ, the goods were allowed to be imported customs duty-free for the purpose of export. However, during the investigation by the DRI, it was revealed that the duty-free diamonds and pearls imported by Modi's companies were clandestinely diverted into the local market and substituted by the locally procured diamonds and pearls. The companies had allegedly paid Rs. 48.21 crores (customs duty along with interest and penalty) in that case. During the investigation, the DRI had also seized the export consignments ready for dispatch for Hong Kong and Dubai, lying at Sahar Air Cargo in Mumbai, which was highly overvalued. The department filed prosecution in the Surat Court against Modi for his alleged role in the evasion of customs duty.The Chief Judicial Magistrate had issued an arrest warrant against Modi on June 22. As he was not available at his known addresses, the court proclaimed the fugitive jeweller as an absconder. This will enable the DRI in addition to other things to attach his properties. On October 1, the Enforcement Directorate (ED) attached assets worth Rs 637 crore belonging to Modi in connection with the PNB scam. Modi and his uncle Mehul Choksi have been accused of allegedly defrauding PNB of $ 2 billion. While Choksi is in Antigua, Modi is in the United Kingdom and needs to be extradited as non-bailable warrants have been issued by different courts against him.

Nirav Modi declared absconder in Directorate of Revenue Intelligence case

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