Fugitive Indian billionaire arrested in London

By Hasan Esen</p> <p>LONDON (AA) – Fugitive Indian billionaire jeweler Nirav Modi has been arrested in London, according to the British police on Wednesday.</p> <p>Nirav Modi, 48, was arrested on behalf of the Indian authorities in the Holborn area on Tuesday afternoon, the police said in a statement.</p> <p>Modi fled India after being accused of defrauding $2 billion from a state-run Punjab National Bank, which is the biggest banking fraud in the country’s history.</p> <p>An Interpol red notice was issued on the request of the Indian authorities in July for Modi's arrest, according to daily The Telegraph.</p> <p>Modi, a diamond jeweler whose designs have been worn by Hollywood stars, will go on a trial at Westminster Magistrates' Court on Wednesday. </p> <p>The Telegraph reported that diamond tycoon was living in a three-bedroom flat with a monthly rent of £17,000 ($22,500).</p> <p>The daily also learnt that Modi was given a National Insurance number and he has been able to operate online bank accounts in the U.K. while wanted by Indian authorities.</p> <p> </p> <p>*Writing by Gozde Bayar</p> <p>

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