Absconding Indian billionare Nirav Modi arrested in London

Nirav Modi along with Mehul Choksi allegedly cheated Punjab National Bank through fraudulent issuance of Letters of Undertakings (LoUs) and Foreign Letters of Credit (FLCs), thus siphoning off funds worth Rs 6,498.20 from PNB's Brady House branch in Mumbai while Choksi has been accused of swindling Rs 7080.86 crore.