NEW YORK, NY - SEPTEMBER 08: (L-R) Lisa Haydon, Nirav Modi and Nimrat Kaur attend the Nirav Modi U.S. Boutique grand opening at Nirav Modi Boutique on September 8, 2015 in New York City. (Photo by Jamie McCarthy/Getty Images)

Celebrity jeweller Nirav Modi has been arrested in London, says British police.

The billionaire jeweller, who is at the heart of India’s biggest ever banking fraud case, has been seeking asylum in the UK after fleeing his home country when he became a main suspect last year.

Modi left India in early 2018, and has not returned since. According to The Telegraph, who tracked him down at the beginning of the month, the diamond trader has been living in a £8m apartment in London’s West End, with the newspaper claiming he has been running a new diamond business in Soho, just a few hundred years from his UK home.

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Today, police revealed they arrested Nirav Modi on behalf of the Indian authorities.

Police said Modi, 48, had been arrested in the Holborn area of central London on Tuesday and was due to appear at London’s Westminster Magistrates Court on Wednesday.

India had asked Britain back in August to extradite Modi, one of the main suspects charged in the $2billion (£1.5bn) loan fraud at state-run Punjab National Bank (PNB).

India’s authorities have frozen his businesses bank accounts while a string of boutiques – including a flagship store in Old Bond Street – have been shut down.

READ MORE: One of India’s biggest banks accuses billionaire diamond dealer of fraud