PNB scam: Nirav Modi arrested in London, produced in court

Fugitive businessman Nirav Modi was arrested in London on Tuesday even as his extradition is underway.

He was produced in court on Wednesday.

On Monday, Westminster court in London had issued an arrest warrant against the diamond merchant who is the prime accused in the $2 billion Punjab National Bank(PNB) loan default case.

Police said Modi had been arrested in the Holborn area of central London on Tuesday on behalf of Indian authorities and was due to appear at London's Westminster Magistrates Court on Wednesday.

UK police said Nirav Modi was arrested from London's Holborn metro station.

"Nirav Deepak Modi, (Date of Birth 24.02.71), was arrested on behalf of the Indian authorities on Tuesday, 19 March, in Holborn," the Metropolitan Police said in a statement.

"He will appear in custody at Westminster Magistrates' Court on Wednesday, 20 March," the statement added.

The Interpol had issued a Red Corner Notice(RCN) against him last year.

The Enforcement Directorate(ED) in Mumbai had filed a chargesheet against Nirav Modi under the anti-money laundering law before a special Prevention of Money Laundering Act (PMLA) court.

The ED had said on March 9 that the United Kingdom's home secretary had recently referred India's request for extraditing to a court for initiating legal proceedings against him.