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An Indian billionaire jeweller wanted over an alleged £1.5 billion fraud has been arrested in London, Daily Mail reported.

Nirav Deepak Modi, 48, was held by officers from the Metropolitan Police in Holborn, central London on Tuesday.

He is due to appear at Westminster Magistrates’ Court today as part of extradition proceedings by the Indian authorities. Modi was arrested after its reporters tracked him down at a flat in central London’s Centre Point tower.

Earlier this month the paper revealed that Modi was living in a three-bedroom flat in the tower block, where rent is estimated to cost £17,000 a month. Despite his bank accounts bring frozen by Indian authorities, and an Interpol red notice being issued for his arrest, Modi was involved in a new diamond business based in the capital.A source told the Telegraph that he had been given a National Insurance number, meaning he can legally work here, and has used British bank accounts.

The jeweller is accused of taking part in the fraud on Punjab National Bank, believed to be one of the largest ever fraud cases in India.

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