A London court on Wednesday rejected the bail plea of Nirav Modi, the main accused in the Rs 13,000 PNB scam case, who was produced before the court after his arrest by Scotland Yard on Tuesday.
A London court on Wednesday rejected the bail plea of Nirav Modi, the main accused in the Rs 13,000 PNB scam case, who was produced before the court after his arrest by Scotland Yard on Tuesday.
The court has set the next date of hearing on March 29, until when the Nirav Modi will remain in police custody.
The arrest of fugitive diamantaire came days after a London court issued an arrest warrant against him in response to a request by the Enforcement Directorate for his extradition in a money laundering case.
"Nirav Deepak Modi, (Date of Birth 24.02.71), was arrested on behalf of the Indian Authorities on Tuesday, 19 March, in Holborn," the Metropolitan Police said in a statement.
"He will appear in custody at Westminster Magistrates' Court on Wednesday, 20 March," the statement, released earlier in the day, said.
He was produced before the Westminster Magistrates' Court in London where a Crown Prosecution Service (CPS) argued that he should not get the bail. Modi's lawyer alleged political motivation in the case and sought bail.
However, the judge cited the high value attached to the claim.
The location of the arrest indicates that Nirav Modi, wanted in India in connection with the Punjab National Bank scam case, was arrested from where he is believed to have been living in a plush apartment in Centre Point in the West End.
The case will then follow a similar pattern through the UK courts as that of liquor tycoon Vijay Mallya, who remains on bail since his arrest on an extradition warrant in April 2017 on fraud and money laundering charges.
The 63-year-old businessman has since filed an application seeking leave to appeal against his extradition ordered by UK home secretary Sajid Javid last month.
Javid had certified India's extradition request for Nirav Modi earlier this month, triggering the legal process in the courts, kick-started with the issuance of a warrant.
News of the certification of India's request came just as Modi was tracked down to a three-bedroom flat in the Centre Point tower block of luxury apartments in the West End of London.
He is believed to have arrived in London last year and was able to travel in and out of Britain at least four times since his passport was cancelled by the Indian authorities in February 2018.
During some of his stay in London he was reportedly also living in the heart of the city above his jewellery boutique called Nirav Modi on Old Bond Street, which has since closed down.
Modi is now believed to be running a new business, which describes itself on the UK's Companies House register as a wholesale trader in watches and jewellery and a retailer of watches and jewellery in specialised stores.
Modi and his uncle, Mehul Choksi, are the main accused in the PNB scam and they both left India before the details of the fraud came to light in January 2018.
(With PTI inputs)
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