Fugitive billionaire jeweller Nirav Modi, wanted by Indian authorities over a $2 billion loan fraud at state-run Punjab National Bank (PNB) was remanded in custody after appearing before a British court on Wednesday.

Interpol has issued a red notice request to find and arrest fugitive Indian billionaire jeweller Nirav Modi, who is at the heart of a $2 billion-plus bank fraud case, the international agency said on its website.

Fugitive billionaire jeweller Nirav Modi was last seen in Britain in March, Indian federal investigators said Monday.

India's federal police has asked Interpol to help locate and arrest billionaire jeweller Nirav Modi, who is at the heart of a $2bn-plus bank fraud case, a federal police source said on Monday.

The Enforcement Directorate (ED), an Indian agency focused on foreign exchange and money laundering offences, has been conducting separate searches at homes and offices of Nirav Modi.

Indian officials are on the lookout for Nirav Modi and his family, who police say left India in January prior to the case being filed.

Enforcement Directorate (ED) officers searched the Mumbai offices of Nirav Modi after he was accused of cheating state-owned Punjab National Bank (PNB) of 2.8bn rupees ($43.8mn).

The Central Bureau of Investigation said it was acting on a complaint from the Punjab National Bank that Nirav Modi and others had conspired with bank officials to fraudulently obtain advances for making payments to overseas suppliers.

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