Authorities have successfully thwarted a British teen's planned terrorist attack at an Elton John concert in London.

A 19-year-old by the name of Haroon Ali-Syed, a resident of West London, was arrested September 8 on charges of preparing acts of terrorism.

Investigators targeted him on suspicion of planning to set off a nail bomb at John's September 11 concert at Hyde Park.

"This defendant was attempting to carry out a terror attack on the scale of 7/7 or something like that," said prosecutor Thomas Halpin.

"What started out as professed intent to become a suicide bomber crystallized into a plan to kill as many 'Kuffar' unbelievers as possible with a nail bomb."

Prosecutors laid out their version of the events leading up to his arrest, alleging that he attempted to hire a bomb maker after unsuccessfully applying for approximately $10,610 worth of loans to finance his plot, telling different institutions the money was for a motorcycle, a wedding or home improvements in a fruitless bid to secure funds.