Fugitive billionaire jeweller 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 accused in the $2 billion loan fraud at state-run Punjab National Bank (PNB).
Police told Reuters that 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.
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.
Mr. Modi will now be produced before a District Judge at the Westminster Magistrates’ Court to be formally charged, following which he is expected to seek bail.
The case will then follow a similar pattern through the UK courts as that of liquor baron Vijay Mallya, who remains on bail since his arrest on an extradition warrant in April 2017 on ₹9,000 fraud and money laundering charges. The 63-year-old businessman has since filed an application seeking leave to appeal against his extradition ordered by UK home secretary Sajid Javid last month. Mr. Mallya’s case is in final stages in that country.