Nirav Modi, one of the main suspects accused in the Punjab National Bank (PNB) fraud worth Rs 14,356 crore was arrested in London on Tuesday (19 March), over a year after he escaped from India, according to a Reuters report. Various media reports say that he will be shortly produced at a Westminster magistrates' court on Wednesday.

An arrest warrant was issued by the London Court against Modi on 18 March as a response to the Enforcement Directorate's (ED) request for his extradition in the money laundering case.

The Central Bureau of Investigation and ED are investigating Modi and his uncle Mehul Choksi among others for the alleged money laundering and corruption scam at the Brady House branch of PNB in Mumbai that was discovered at the beginning of 2018.

Earlier this month, the Telegraph had spotted Nirav Modi, 48, in London and said that he was living in a three-bedroom flat at the Centre Point tower block where the rent is estimated to be 17,000 pounds.