Nirav Modi, the fugitive diamantaire and the prime accused in the multi-billion rupee fraud involving PNB, has been denied bail on Friday, April 26, 2019, by the UK Westminster Court.
Nirav Modi is undergoing the extradition process initiated by the Indian authorities.
The Westminster court has further extended the police custody till May 24, 2019.
Nirav Modi appeared before the Westminster Magistrates’ Court through video link from the jail.
Earlier on March 29, 2019, Chief Magistrate Emma Arbuthnot rejected Nirav Modi’s bail request mentioning that there was “substantial risk he would fail to surrender”.
The next hearing scheduled for May 24 will take place as per the 28-day time frame for judicial remand in such cases.
“This is a case of substantial fraud, with loss to a bank in India of between $1-2 billion. I am not persuaded that the conditional bail sought will meet the concerns of the government of India in this case,” Judge Arbuthnot had noted in her ruling.