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London: India’s fugitive diamond merchant Nirav Modi was arrested after his bail plea was rejected by the Westminster magistrate’s Court today.

Modi, who is wanted by India’s Enforcement Directorate (ED) in connection with a massive Rs. 14000-crore loan fraud connected with a Mumbai branch of Punjab National bank, was arrested from central London. An arrest warrant had been issued against him this past Monday.

Modi, along with his uncle Mehul Choksi, is wanted in India for the loan fraud involving fake guarnatees to secure loans overseas.

Central Bureau of Investigation (CBI) and Ed officers will be leaving for London to press next week for Nirav’s extradition.