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Fugitive billionaire jeweler Nirav Modi had been arrested in London on behalf of the Indian authorities, the British police said on Wednesday.
India had asked Britain in August to extradite Mr Modi, one of the main suspects charged in the $2bn loan fraud at state-run Punjab National Bank (PNB), India’s biggest banking fraud.
While interaction with media the British police said: Mr. Modi (48) had been arrested in the Holborn area of central London on Tuesday and was due to appear at London's Westminster Magistrates Court on Wednesday.
UK Police: Fugitive diamond merchant Nirav Modi was arrested from London's Holborn metro station https://t.co/i2NoV4qO8G— ANI (@ANI) March 20, 2019
The Enforcement Directorate (ED) also confirmed that he has been arrested.
The Westminster Magistrates’ Court issued an arrest warrant against Mr. Modi in response to a request by the ED for his extradition, officials said.
However, earlier it was believed that Nirav to have been in hiding in London.
In 2018, Punjab National Bank, India’s second-largest state-run bank, said two jewelry groups headed by Mr. Modi and his uncle Mehul Choksi had defrauded it by raising credit from other Indian banks using illegal guarantees issued by rogue PNB staff. Mr. Modi and Mr. Choksi, who have both denied wrongdoing, left India before the details of the fraud became public.