In a major development, diamond merchant Nirav Modi has been arrested in London according to TV reports. A London court on Monday had issued an arrest warrant against Nirav Modi, who is wanted in India for an alleged loan default case, according to the sources in the Enforcement Directorate.

The arrest warrant was issued by the Westminster Court, the sources added. India had already requested the extradition of Nirav Modi from the United Kingdom. The development comes days after the fugitive was tracked down to a 33-storey Centre Point Apartment complex in London's Theatre District.