Following are the 10 things you need to know about the Nirav Modi saga:
Nirav Modi and his uncle Mehul Choksi are being investigated by the Enforcement Directorate and the Central Bureau of Investigation or CBI after PNB alleged that they cheated it of Rs 13,000 crore with the involvement of a few bank employees.
Both Nirav Modi and Mehul Choksi left India before the details of the fraud emerged in January last year.
The Enforcement Directorate had in May last year filed chargesheets against both Nirav Modi and Mehul Choksi. Non-bailable warrants were also issued against them.
An extradition request against Nirav Modi had been pending before the UK authorities since September last year.
Nirav Modi's arrest will enable the start of a trial against him in the Westminster court. If the court decides, London will issue an order to extradite the tycoon to India. The order can be challenged by Nirav Modi.
Nirav Modi, who arrived in London last year, has been able to travel in and out of Britain at least four times since his passport was cancelled by the Indian authorities in February 2018.
Nirav Modi is believed to be living in a plush apartment in Central Point in London's West End.
Earlier this month, Nirav Modi was seen walking on the streets of London by a reporter of the British newspaper The Telegraph. The billionaire's moustache and expensive ostrich hide jacket caused a huge sensation back home, especially on social media.
Nirav Modi has reportedly started a new diamond business in Soho, a part of the posh West End area in London.
The Telegraph, quoting government sources, reported that Nirav Modi has been given a national insurance number - needed to legally work in the UK - and has been operating bank accounts online while being wanted by India.
With inputs from agencies