Celebrity Jeweler Suspected in $2 Billion Fraud Arrested in London, Faces Extradition to India

LONDON—India’s onetime jeweler to the stars, Nirav Modi, has been arrested in London and faces extradition to India to face allegations that he defrauded lenders of nearly $2 billion, in what Indian authorities say could be their country’s biggest-ever banking scam.

Mr. Modi built a global jewelry empire selling high-end diamond bracelets, necklaces, earrings and rings in outlets from Mumbai to Manhattan. Indian authorities say it was built on a web of illegal trade-financing loans guaranteed by India’s state-owned Punjab...

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