India has welcomed the arrest in the UK of fugitive billionaire jeweler Nirav Modi, who has been denied bail and will be in custody until a preliminary hearing later this month, which will examine New Delhi’s extradition request.

Modi, who fled India last year and found safe harbor in London, is wanted by Indian authorities over an alleged scam against Punjab National Bank (PNB), in which the defendant used fraudulent paperwork to obtain buyer’s credit for £2bn ($2.6bn).

While New Delhi placed Modi on Interpol’s Red Notice list as early as last July, London was reluctant to detain the 48-year-old businessman, who was effectively hiding in plain sight, until he tried to open up a bank account on Tuesday. (RT)