Subrata Roy, the chairman of India's Sahara group, has been arrested after a top court issued an arrest warrant against him for failing to appear in court, local media reports.

Roy surrendered to the police before being taken into custody on Friday, saying he was "not absconding" and pleading to be allowed to remain under house arrest until he is next due to appear in court in March 4. 

Live Box 2013927135832671882

"With folded hands and all humility I ask the honourable judges to leave me under house arrest with my ailing mother till March 3," Roy said in an emotional two-page statement.

He said he "can't handle this level of agony and humiliation" and accused the media of indulging in "bullying and character assassination."

This comes after a team of police officers attempted to arrest Roy at his residence, but were unable to find him on Thursday.

Roy is wanted by India's Supreme Court in a case linked to his alleged failure to return investors' money. He was due to appear in court on Wednesday, but did not show up citing his mother's illness. 

His lawyers filed a petition in the top court on Thursday offering an "unconditional apology" for not appearing in court and requested that the arrest warrant be recalled, reported NDTV.

Sahara has been locked in a battle with India's securities regulator, which accuses it of failing to comply with a 2012
court order to repay billions of dollars to investors in a bond scheme that was later ruled to be illegal.