As per reports, as Nirav Modi is hiding in London and living a lavish lifestyle, by changing his appearance he is trying to disguise himself from agencies and safeguard himself from extradition to India.
This is despite Interpol's red notice serving as a request for the British government to find Modi and arrest him ahead of an extradition.
India made a request to extradite the 48-year-old from Britain last August but the matter remains in the hands of the home secretary and the home office has so far refused to confirm or deny if it has received any such request.
Fugitive diamond jeweller Nirav Modi lives in a £8 million three-bedroom flat in London's West End, the United Kingdom daily The Telegraph reported Saturday.
Last month, the absconding diamond trader Nirav Modi, a prime accused in the multi-crore Punjab National Bank fraud case scam, claimed that he had not done anything wrong and the scam was a civil transaction.
Nirav's life as a free businessman in London is set to create some tension between India and Britain, where another fugitive Indian tycoon, Vijay Mallya, is fighting an extradition attempt.
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"All necessary steps are being taken for the extradition of Nirav Modi". He alleged that Modi had snatched people's money from ordinary people and gifted them to Nirav Modi.
Nirav Modi, 48, is now living in a three-bedroom flat in the Centre Point tower block, where rent is estimated to cost £17,000 a month, reports the Telegraph.
Though Modi's bank accounts in India have been frozen and an Interpol red notice has been issued against him, the fugitive has become involved in a new diamond business in Soho locality, the daily said. This firm was incorporated in May past year and is linked to the flat.
"Modi appears to have adopted a surprisingly nonchalant attitude to his fugitive status, walking his small dog each day between his apartment and the diamond company's office in a town house in Soho, just a few hundred yards from his Centre Point home". National insurance numbers are required to legally work in the UK. He has also been in contact with a wealth management company based in west London, which specialises in advice to rich foreigners. He is also seen avoiding every question posed at him, saying "no comment".
In a video posted by the Telegraph newspaper, Nirav Modi can be seen sporting a handle-bar moustache and wearing an Ostrich Hide jacket, estimated to cost 10,000 pounds.