UK Court denied bail to Nirva Modi

The UK Court today denied bail to fugitive businessman, key accused in the multi-crore PNB fraud case. The Westminster court posted the case for next hearing on March 29.The court mandating that the absconding jeweller will remain in the custody till the next hearing.

While applying for the bail, Nirav Modi told the Westminster Court, “I have demonstrated keenness to fully cooperate. Pay tax and have submitted travel documents.”

As per UK Police, the fugitive diamond merchant was arrested from Holborn metro station.The UK Judge said, “Substantial grounds to believe Nirva Modi would fail to surrender if granted bail”.

The development comes two days after London’s Westminster court issued an arrest warrant against the fugitive diamantaire. He was tracked down in the UK city a few weeks ago. The police stated that Modi was picked up from the Holborn Metro Station yesterday afternoon.

The arrest came days after a London court issued a warrant against him in response to a request by India’s Enforcement Directorate for his extradition in a money-laundering case.

 The location of the arrest indicates that Nirav Modi, wanted in India in connection with the Rs 13,500 crore Punjab National Bank scam, was arrested from where he is believed to have been living in a plush apartment in Centre Point in West End.

The Central Bureau of Investigation is probing the PNB scam, which involved fake guarantees in the name of the state-run lender to secure loans overseas.

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