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New Delhi welcomes the arrest of billionaire Nirav Modi, BBC reported.

A billionaire Indian diamond trader has been arrested in the UK amid fraud accusations.

According to police, the arrest has been made on behalf of the Indian authorities, who have asked for his extradition.

Punjab National Bank (PNB), India's second-largest state-run bank, accuses Modi of being one of the main suspects in a scam which defrauded it of $2 billion, the source noted.

His uncle Mehul Choksi is also wanted by the Indian authorities.

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