The UK police have arrested Nirav Modi in London, Nirav is an Indian billionaire and diamond dealer. He was arrested over his alleged involvement in the Punjab National bank Fraud that is worth around 2 Billion US Dollars.

The Punjab National Bank reported a fraudulent activity in one of its branches, PNB is one of the largest bank in India.

India’s Enforcement Directorate said that the Indian government issued an Interpol Red Notice for the arrest of Nirav Modi, the authorities from London were asked to proceed with the notice.

According to the Indian CBI, Nirav Modi and other bank officials issued fraudulent letters to overseas banks to attain buyer’s credit.

Last year, a statement from the CBI said, “Investigation further revealed that the fraud was allegedly perpetrated despite the knowledge of senior officials of Punjab National Bank, who did not implement the circulars and caution notices issued by the Reserve Bank of India regarding safeguarding the SWIFT operations and instead, misrepresented the factual situation to RBI.”

The CBI has seized properties of Nirav Modi that has an estimated value of millions of US dollars and has also raided more than 12 offices of Modi. The CBI has charged him for corruption, criminal conspiracy, and fraud.

Modi was once ranked as India’s 85th riches man with having a net worth of USD 1.8 Billion.

Experts say that the arrest of Nirav can have a major impact on the upcoming elections in India, which are set to happen in May.

The pressure on India’s Prime Minister was increased after Nirav Modi refused to return to India to face his criminal Charges, Narendra Modi the Prime Minister of India is not related to Nirav Modi.

Experts say that the arrest of Nirav Modi can help improve the image of Narendra Modi.