New Delhi: Industrialist Anil Nanda has been arrested on a charge of carrying high-value foreign goods worth Rs 54 lakh, including a diamond-studded watch without paying customs duty.

Nanda, 52, who was detained on October 13 night by the Directorate of Revenue Intelligence (DRI) and Customs officials at the international airport in Delhi was formally arrested late last night. He was said to have come from London.

He was produced today (Oct 15, 2004) before Additional Chief Metropolitan Magistrate Ravinder Dudeja, who remanded him to judicial custody till October 29.

The court would also take up tomorrow Nanda's bail application, which was moved before it today.

Nanda had in February this year stepped down from the post of Managing Director of Escorts after reported differences within the family over sell-off of Escorts Heart Institute and Research Centre.