Nirav Modi’s bail plea has been rejected by a London Court and now he has to remain in custody till March 29.

Fugitive diamond merchant Nirav Modi, who is accused of cheating the Punjab National Bank (PNB) of over Rs 13,000 crore has been arrested in London and will be produced at a Westminster court at around 4 pm.

“Nirav Deepak Modi, 48 (Date of Birth 24.02.71), was arrested on behalf of the Indian Authorities on Tuesday, 19 March, in Holborn,” the Metropolitan Police said in a statement.

“He will appear in custody at Westminster Magistrates’ Court on Wednesday, 20 March,” the statement added.

A UK court had on Monday issued an arrest warrant against Modi following a request forwarded by the Enforcement Directorate (ED) for his extradition.

Modi, along with his uncle Mehul Choksi, has been accused in the Rs 13,000 crore scam involving fake guarantees to secure loans.

Both left India in January last year before the CBI started investigating the PNB scam.

According to investigating officials, Modi had left India on January 1, 2018, much before the CBI received a complaint from Punjab National Bank (PNB) on January 29, 2018, about the fraud.

Choksi, the Indian promoter of Gitanjali jewellery chain, left on January 6, added the officials.

Modi was also present in a group photo of Indian CEOs with Prime Minister Narendra Modi, issued by the Press Information Bureau, in World Economic Forum on January 23, six days before the bank sent its first complaint against him to the CBI, according to the officials.

Modi was spotted walking on London streets a few days back.