K police have arrested India’s billionaire diamond dealer Nirav Modi

in London over his alleged involvement in a bank fraud that could be worth $2 billion.

Modi was arrested Tuesday on “behalf of the Indian authorities,” acco

rding to a statement from London’s Metropolitan Poli

ce, and is set to appear at Westminster Magistrates’ Court Wednesday.

Punjab National Bank, one of India’s largest, reported fraudulent activity at one of its branches more than a year ago.

India then issued an Interpol Red Notice for Modi’s arrest and London authorities were asked to pr

oceed with it, said a spokesperson for India’s Enforcement Directorate. The Indian foreign ministry sai

d in a statement it welcomed the arrest, and would seek to extradite Modi as soon as possible.

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