The Scotland Yard has said that Nirav Deepak Modi was arrested on behalf of Indian authorities on Tuesday afternoon (local time) in Holborn. He will appear in custody at Westminster Magistrates' Court tomorrow (Wednesday, 20 March).

"Nirav Deepak Modi was arrested on behalf of the Indian authorities this afternoon (Tuesday, 19 March) in Holborn. He will appear in custody at Westminster Magistrates' Court tomorrow (Wednesday, 20 March)," said the Scotland Yard in a statement.

The fugitive diamond merchant Modi is wanted for his alleged involvement in Rs 13,000 crore Punjab National Bank (PNB) loan scam. He would shortly be produced in the court, said the Enforcement Directorate (ED) here on Wednesday.

A non-bailable warrant (NBW) has also been issued against Ami Modi, wife of Nirav, under the Prevention of Money Laundering Act (PMLA), said ED sources.

ED has also got the permission to sell 173 paintings the proceeds of which will be deposited with the investigating agency. His 11 cars will also be auctioned.

A London court on Monday had issued an arrest warrant against diamond merchant Modi. The arrest warrant was issued by the Westminster Court, sources said.

The arrest of Modi comes days after the fugitive businessman was tracked down to a 33-storey Centre Point Apartment complex in London's Theatre district.

The tower was an office complex and was converted into luxury residences with prices ranging from PS2 million to PS55 million all with superb views over the city of London.

Modi was believed to be living in a property worth PS8 million apartments in the tower. The rent for a similar apartment in the tower comes to approximately PS17,000 a month, had stated Daily Telegraph.

One of the prime accused in the PNB scam in India, Modi is the subject of an extradition request by India, along with an Interpol Red Corner Notice being issued against him. Modi is the prime accused in Rs 13,000 crore PNB fraud, along with his uncle Mehul Choksi.

Choksi was granted citizenship of Antigua and Barbuda on January 15, 2018. Both Modi and Choksi left India in January last year before the PNB scam came out in the public. The duo has not returned to India despite repeated summons from probe agencies and courts.

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