Beijing, Sep 27 (PTI) Union Bank of India has taken fugitive billionaire jeweller Nirav Modi to a court in Hong Kong after two of his companies defaulted on more than USD 5.49 million in credit facilities, according to a media report. Also Read - Share Market: Sensex Rallies Over 1,300 Points; Nifty Reclaims 8,400

The bank claimed in a writ filed at the High Court on Wednesday that the Mumbai-born businessman, wanted over a massive financial scam in his home country, guaranteed two loans made to Firestone Trading Private on October 21, 2011 and Firestar Diamond on November 15, 2011, South China Morning Post reported. Also Read - Entertainment News Today, April 7: Aliens Actor Jay Benedict Passes Away Due to Coronavirus Complications

The bank is demanding Modi who owns a chain of jewellery shops from Hong Kong to New York — pay more than USD 5.49 million plus interest, after both firms allegedly defaulted on repayments, the report said. Also Read - Coronavirus: Man Spits on Manipuri Woman in Mumbai's Kalina, Police Register FIR

Modi, 47, has been on the run since February after Indian authorities launched an investigation into his alleged involvement in a Rs 13,400 crore scam against the Punjab National Bank (PNB).

The Post reported in April that Indian authorities had submitted a request to Hong Kong’s Department of Justice for the provisional arrest of the diamond merchant, who was believed to have been hiding in the city before apparently moving to Britain.

Modi and his uncle and business partner Mehul Choksi are accused of defrauding banks by raising loans from overseas branches of Indian lenders, using fraudulent guarantees. They have denied wrongdoing.

This is published unedited from the PTI feed.