Britain assures India of cooperation in extradition of Nirav Modi, Mallya
New Delhi, June 11: Britain on Monday assured India to fully cooperate in the extradition process of fugitive diamantaire Nirav Modi and liquor barron Vijay Mallya who are accused in separate multi-crore bank loan defraud cases, Minister of State for Home Kiren Rijiju said.
Meanwhile, government sources said that British Minister for Counter Terrorism Baroness Williams also confirmed to Indian authorities that Nirav Modi, the billionaire jeweller at the heart of a more than Rs 13,500 crore Punjab National Bank (PNB) fraud case, is reportedly residing in her country - an admission coming in the wake of reports about him seeking political asylum there.
At a counter terrorism dialogue held here, Williams guaranteed Rijiju of Britain's support in the process to extradite Nirav Modi and Mallya to India.
"I had a very useful meeting with UK Minister, Baroness Williams. We discussed about India-UK joint efforts to deal with terrorism and extremism. We also agreed to cooperate in the matters of extradition and sharing of information," Rijiju said after the meeting.
"We have put across the government of India's demands that anybody who is wanted by Indian agencies or an Indian court, we seek the cooperation from the UK authorities (on extradition).
"The (UK) minister has assured to give full cooperation whether it is Vijay Mallya case or Nirav Modi or anybody," he said.
Nirav Modi left India with his family a month before the Central Bureau of Investigation filed a criminal case against him on January 31 after PNB, India's second-largest, state-run bank, lodged a case alleging him and his uncle Mehul Choksi to defraud it by raising credit from overseas branches of other banks using illegal guarantees issued by rogue PNB staff at a Mumbai branch over several years.
India is already seeking the extradition of Mallya, a liquor and aviation tycoon, over unpaid loans to his defunct Kingfisher Airlines after the businessman and co-owner of the Formula One Force India team moved to Britain in March last year. Mallya, who has been staying there for over a year now, has been accused of defaulting on loans worth thousands of crores.
Rijiju further said there is a good understanding between the Indian and British governments and that the two leaders reiterated they would cooperate with each other and address each other's concerns over other issues.
Besides extradition of Nirav Modi and Mallya, Rijiju discussed issues related to anti-India movement being carried out by pro-Khalistan Sikh Federation with the British minister.
"...there are certain elements who are misusing the UK territory to propagate or also conduct activities which is anti-India.
"So, I have requested the minister that using the UK's territory for anti-India agenda must be curtailed. We are not against the freedom of speech. UK is a liberal country, so are we. We are also a democratic country and we cannot curb the freedom of speech. But the freedom of speech cannot be misused to abuse the country's image. So, we are very clear that UK should not be a country where anti-India activities can be conducted without any kind of restriction or check," Rijiju said.
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Middle East crisis: Oil prices cross $83 per barrel as Strait of Hormuz disruption hits supply
New Delhi: Global crude oil prices rose sharply on Thursday, crossing $83 per barrel, following Iran’s move to shut down the Strait of Hormuz amid escalating tensions in the Middle East.
Oil prices have increased by more than 2 per cent due to concerns over supply disruptions in the region, which is a key route for global energy shipments.
A sustained rise in crude prices could significantly affect India’s import bill. Government estimates indicate that an increase of $1 per barrel in crude oil prices for a full year could raise India’s import bill by around Rs 16,000 crore.
However, government sources said India remains in a relatively comfortable position in the short term. The country currently has crude oil reserves sufficient for about 25 days, along with an additional 25 days’ supply of petroleum products, including shipments already in transit to Indian ports.
India imports nearly 85 per cent of its crude oil requirements from the Middle East, with much of the supply traditionally passing through the Strait of Hormuz, one of the world’s most critical oil transit routes.
Officials said India has strengthened its energy security in recent years by diversifying its sources of crude oil imports. Supplies have increasingly been sourced from countries such as Russia, African nations and the United States, reducing dependence on Gulf routes.
As a result, a portion of India’s oil imports now bypasses the Strait of Hormuz.
India spent about $137 billion on crude oil imports in the financial year ending March 31, 2025. In the current financial year, from April 2025 to January 2026, the country spent approximately $100.4 billion to import 206.3 million tonnes of crude oil.
