Indian diamond tycoon denied bail after arrest in London

The London skyline and Tower Bridge

While New Delhi placed Modi on Interpol's Red Notice list as early as last July, London was reluctant to detain the 48-year-old businessman, who was effectively hiding in plain sight, until he tried to open up a bank account on Tuesday.

Modi's lawyer in London, George Hepburne Scott, said he planned to fight any possible extradition, adding that Modi feels the charges against him are "politically motivated", according to Reuters. After spending the night in jail, Modi appeared at London's Westminster Magistrates Court accompanied by his legal team, where he denied all accusations.

Furthermore, Modi will stay in custody till March 29. He was arrested on Tuesday and has been in custody overnight.

Wanted for his role in India's largest-ever bank fraud, Nirav Modi's arrest officially heralds the beginning of the extradition proceedings against Nirav Modi.

Modi's world began unraveling in February of previous year, when India's Central Bureau of Investigation registered a First Information Report (FIR) against him, alleging he defrauded state-owned Punjab National Bank (PNB) of some $2 billion by using phony letters of undertaking.

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Police in India later raided the homes and offices of Modi and his business partner, Mehul Choksi, seizing almost $800m in jewels and gold. Mallya and Nirav Modi deny the allegations. The US$1.8b figure cited by the bank resulted in a media frenzy that pressured authorities to quickly search and seize assets from two of his companies, Firestar International and Firestar Diamond International, Modi said.

Modi is one of India's richest men, worth an estimated United States dollars 1.75 billion, according to Forbes. He launched his own eponymous brand in 2010 and he soon had stores across India, as well as in New York, London and Hong Kong.

But at the beginning of the month, The Telegraph tracked the jeweller down to a three-bedroom flat occupying half of a floor of the landmark Centre Point tower block, with views across London.

Last year, the global police organisation Interpol issued a "red notice" seeking Modi's arrest worldwide.

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