Fugitive businessman Nirav Modi arrested in London, produced before court

The court also allowed the Income Tax Department to sell another 68 paintings seized by it as part of its separate probe against the absconding diamantaire officials said

London's Westminster court today remanded Punjab and National Bank (PNB) scam accused Nirav Modi, 48, to custody, it was the first time the fugitive businessman was in court.

A London court on Monday had issued an arrest warrant against Modi in response to a request by the Enforcement Directorate for his extradition in the money-laundering case.

Mr. Modi was arrested by officers from the Met Police's extradition unit and would remain in custody until the hearing at which the granting of bail would be determined.

Modi was held after a United Kingdom court executed an arrest warrant issued against him by the Westminster Court on March 13, which was described as "a major victory" by India.

"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.

Interpol issued a "red notice" for Modi's arrest previous year, as well.

The tycoon, who dressed stars including Kate Winslet, Dakota Johnson and Priyanka Chopra, faces charges of fraudulently acquiring guarantees from Punjab National Bank that was later used to obtain loans from overseas, according to complaints filed by the lender.

The news of Modi's arrest comes as the ED registered new charges against him and 26 others for alleged violations of the country's Prevention of Money Laundering Act. While applying for the bail, Nirav Modi told the Westminster Court, "I have demonstrated keenness to fully cooperate". Next hearing in the Westminster court will be on March 29.

A jeweler to Bollywood stars and one of India's richest men, Modi is wanted in India over allegations he was involved in a fraud on the state-run Punjab National Bank, one of the largest-ever fraud cases in India. The court has further issued a non-bailable warrant (NBW) against Nirav's wife Ami Modi.

Modi has reportedly started a new diamond business and has been living in the high-end central London apartment block called "Centre Point".

But not much became of it until last week, when British newspaper The Telegraph tracked him down on the streets of London and interviewed the seemingly annoyed beard-sporting mogul as he waited for a cab. Mallya's case is in final stages. According to reports, Nirav Modi appeared in court and refused consent to extradition.

Fugitive Nirav Modi, accused in PNB scam, has been arrested in London.

A legal team is reported to be dealing with Modi's asylum application, though officially there is no confirmation of the application, given the Home Office's long-standing policy that "We would not routinely confirm nor deny whether an individual asylum claim has been lodged".

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