Nirav Modi arrested in London amid PNB fraud case allegations

Fugitive jeweler Nirav Modi, prime accused in the Rs.13,000-crore PNB fraud case, has been arrested in central London's Holborn area. On two different occasions, Nirav Modi was seen by the media in London after the UK put out an arrest warrant for him.

He is due to appear before Westminster Magistrates Court, which issued a warrant for Modi's arrest this week.

Police said the arrest had been made on behalf of Indian authorities, who have asked for his extradition.

Nirav Modi and his uncle Mehul Choksi are the prime accused in the bank scam involving fake guarantees in the name of the state-run lender PNB to secure loans overseas.

Billionaire diamond tycoon Nirav Modi fled India last year after becoming a suspect in the biggest banking fraud in the country’s history.

An Interpol red notice was issued on the request of the Indian authorities in July for Modi’s arrest but he continued to remain at large.

The arrest comes at an interesting time in India, where people will start voting for their new MPs in the next few weeks. Successful extradition could boost the ruling BJP's standing in the polls.

He has been charge-sheeted by both the agencies and the ED has also attached his assets worth Rs 1,873.08 crore under the Prevention of Money Laundering Act (PMLA), and has also seized assets linked to him and his family worth Rs 489.75 crore.

Modi is one of India's richest men, worth an estimated $1.75bn, according to Forbes.

He was born into a diamond trading dynasty but only launched his own eponymous brand back in 2010.

The brand grew quickly, and he soon had stores across India, as well as in New York, London, and Hong Kong.

His diamond-encrusted designs were worn by stars like Kate Winslet, Rosie Huntington-Whiteley, and Naomi Watts, while the Bollywood star Priyanka Chopra-Jonas appeared in advertisements for the brand.

The shops were raided and his assets frozen after the allegations emerged last year.