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UPDATE: Nirav Modi Held In London, Denied Bail Till March 29

Fugitive Indian diamantaire and jeweller Nirav Modi

Nirav Modi, the Indian diamantaire and jeweller who along with his uncle Mehul Choksi is accused of defrauding the Punjab National Bank (PNB) of nearly $2 billion, has been arrested in London according to media reports.

Modi appeared abefore the Westminster Magistrate’s Court to be formally charged. He was denied bail and will remain in jail till March 29.

Modi’s arrest in the plush London area of Holborn, comes after an extradition request from India’s Enforcement Directorate, which investigates and prosecutes economic offences including foreign exchange violations.

Since abruptly fleeing India, Modi has been reportedly living in London and running a new business, which describes itself on the UK's Companies House register as ‘a wholesale trader in watches and jewellery and a retailer of watches and jewellery in specialised stores’.

Knowledgeable sources said a lengthy legal process is almost certain to follow before Modi might be extradited to India.

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