India’s most wanted man was arrested trying to open a bank account, days after The Telegraph tracked him down to an £8 million apartment in London’s West end.

Nirav Modi, 48, a diamond jeweller whose designs have been worn by Hollywood stars, was detained by police after a bank clerk contacted Scotland Yard in the wake of publicity generated by The Telegraph investigation.

Modi, who is accused of a £1 billion bank fraud - the largest in Indian history, was denied bail at a court hearing yesterday and remanded in custody.

District Judge Marie Mallon ruled there is a risk the billionaire would fail to surrender for future hearings because of his access to large sums of money which could help him evade the courts and his "keenness to do so".

The Telegraph had traced the billionaire diamond tycoon to a flat, occupying half a floor in Centre Point tower, and to an office around the corner in Soho Square.

Westminster Magistrates’ Court was told yesterday that Modi was being paid £20,000 a month as an employee of Diamond Holdings Limited, a business set up in May last year, after Modi fled India.

Modi, dressed in a white shirt and black trousers behind a reinforced glass wall, said only: "I don’t consent" when asked whether he agreed to be extradited to India. His refusal is likely to spark an extradition battle that could take years.