A U.K. court said Indian billionaire and diamond magnate Nirav Modi can be extradited to his native country which accused him three years ago of bank fraud worth US$1.8 billion, money laundering and interfering with an investigation.

Punjabi National Bank (PNB), India’s second largest state-run lender, lost US $1.41 billion—almost a quarter of its current market value—after disclosing an investigation into a $1.8 billion scam involving a powerful jewel merchant, Reuters reported Friday.