Wanted jeweller arrested after bank clerk’s tip-off

India’s most wanted man was arrested while trying to open a bank account, just days after he was tracked down to a luxury apartment in London’s West End.

Nirav Modi, 48, a diamond jeweller whose designs have been worn by Hollywood stars, was held by police after a bank clerk contacted Scotland Yard in the wake of publicity generated by a Daily Telegraph investigation.

Mr Modi, who is accused of a £1 billion bank fraud – the largest in Indian history – was denied bail at a court hearing yesterday and remanded in custody.

The Telegraph had traced the billionaire tycoon to an £8 million (NZ$15.2m) flat occupying half a floor in the Centre Point tower, and to an office in nearby Soho Square.

In Westminster Magistrates’ Court, Modi said only, ‘‘I don’t consent’’ when asked whether he agreed to be extradited to India. His refusal is likely to spark an extradition battle that could take years.

The court heard that British Home Secretary Sajid Javid had approved India’s request to extradite Modi on March 13, four days after the Telegraph had exposed his life of luxury on the run. Then, on Wednesday, he walked into a branch of Metro bank and was subsequently apprehended.

George Hepburne Scott, his lawyer, told the court that ‘‘having had his bank accounts frozen, [Modi] went to open a bank account in his own name at Metro bank in central London’’.

‘‘As result of the widespread publicity . . . a bank clerk contacted the Metropolitan Police and informed them they had a wanted man in the bank.’’

Following the newspaper’s investigation, Modi’s lawyers had negotiated with Scotland Yard for him to be arrested by appointment at a police station on March 25. The bank tip-off took Modi and his legal team by surprise.

Modi arrived in Britain in January last year, a few weeks before he was accused of fraud by Indian authorities. His precise whereabouts were not known until he was tracked down by the

Telegraph.

The court heard that police visited his flagship boutique in London’s Old Bond St in September, but the store had been closed and officers were unable to locate him.

At the peak of his wealth,

Forbes estimated that Modi was worth £1.3 billion, but his assets have been seized by Indian authorities, including at least one Rolls-Royce and a Porsche, as well as jewellery, paintings and watches.

Modi’s properties in India – including a seaside bungalow which was demolished this month because it didn’t have proper planning permission – as well as apartments in New York and London have also been seized by India’s Enforcement Directorate. – Telegraph Group