Mumbai: The most wanted accused in PNB fraud case, fugitive jeweler Mr. Nirav Modi was arrested in central London Tuesday on behalf of Indian authorities, the city’s police has said.

Mr. Modi will appear at Westminster Magistrates’ Court Wednesday, the Metropolitan Police said in a statement. He, together with his uncle, jeweler Mr. Mehul Choksi, allegedly defrauded India’s Punjab National Bank of $2 billion — the largest banking fraud in the country’s history.

Indian authorities have been seeking Mr. Modi’s extradition after he fled the country last year. In July, an Interpol red notice was issued for his arrest, and the following month India asked the UK for his return to face charges. Antigua and Barbuda, where Mr. Choksi is current residing, has yet to agree to his extradition.

Earlier this month, UK newspaper The Telegraph tracked Mr. Modi down to a GBP 8 million ($10.4 million) apartment in London’s West End. He was also running a diamond business linked to his home address, the report said.

Following the report, UK Home Secretary Mr. Sajid Javid agreed to extradite Mr. Modi to India.