Fugitive diamond tycoon Nirav Modi has been arrested in London at the request of Indian authorities.

The Metropolitan Police force says 48-year-old Modi was detained Tuesday in central London and held overnight in custody.

He is due to appear at London's Westminster Magistrates' Court on Wednesday.

A jeweler to Bollywood stars, Modi is wanted in India over allegations of banking fraud. Last year the international police organization Interpol issued a "red notice" for his arrest.