Fugitive billionaire Nirav Modi arrested in London, bail denied

Nirav Modi left the country before India's biggest banking fraud came to light early last year

Fugitive billionaire jeweller Nirav Modi, wanted by authorities over a $2-billion loan fraud at state-run Punjab National Bank (PNB) was remanded in custody after appearing before a British court on Wednesday.

India asked Britain last August to extradite Nirav Modi, 48, whose diamonds have sparkled on famous Hollywood stars, after he was accused of massive bank fraud, charges he denies.

The diamond magnate was arrested in the Holborn area of central London on Tuesday after he went into a bank to open an account and a member of staff contacted police. On Wednesday, he appeared at London's Westminster Magistrates Court