The court has also issued a Non-Bailable Warrant (NBW) against his wife Ami Modi who has also been accused along with Nirav Modi and his uncle Mehul Choksi by ED in the Rs 13,500 crore Punjab National Bank (PNB) fraud case, according ANI news.
"Fugitive diamond merchant Nirav Modi has been arrested in London, he will be produced in court later today", said the Enforcement Directorate. Nirav Modi was arrested after the Enforcement Directorate's extradition plea. The next hearing of the case in Westminster court will be held on March 29.
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The Court was informed that when arrested, Modi's expired passport was seized, and his current passport with the Home Office now has been revoked by the Indian authorities.
It is a tier-1 investor visa issued to individuals from countries outside the European Union and Switzerland.
The ED and the CBI are investigating Modi, his uncle Mehul Choksi and others for alleged money laundering and corruption to perpetrate the alleged scam in the Brady House branch of the PNB in Mumbai that was unearthed past year.
March 2018: The UK authorities confirm that Nirav Modi is in London. The Ministry of External Affairs, however, had said that Britain was still "considering" the extradition requests sent by New Delhi for Nirav Modi.
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The court remanded Modi in custody till March 29, saying there are "substantial grounds" to believe that he would fail to surrender if granted bail.
Sarosh Zaiwalla, leading Indian-origin lawyer based in London, says: "If Nirav Modi has applied for asylum, then the extradition proceedings will not likely begin until the asylum application has been rejected.Granting asylum to a person facing an allegation of fraud in India would be an abuse of process".
British and Indian journalists have filmed the mogul in London in recent weeks, increasing the pressure on both countries to deal with his case.
The court also allowed the ED to auction 11 vehicles belonging to Modi - including Rolls-Royce, Porsche, Mercedes and Toyota models - and allowed income tax authorities to auction 68 paintings owned by him.
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February 14, 2018: Punjab National Bank reached CBI to complain about Nirav Modi for illegally transferring about Rs11,000 crore of taxpayers' money overseas from its Mumbai branch.