UK court denies bail to Nirav Modi

Fugitive diamantaire Nirav Modi and the prime accused in the PNB fraud case, has been denied bail by the UK Court. Modi was arrested in central London's Holborn area on Wednesday. He will be in custody till March, 29, the next date of hearing.

The Westminster Magistrate Court had on Monday issued an arrest warrant against Modi in response to a request by India's Enforcement Directorate for his extradition.

The ED, early this month, had said that United Kingdom's home secretary Sajid Javid had referred India's request for extraditing Modi to a court for initiating legal proceedings against the diamantaire.

According to investigating agencies, Nirav Modi and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated PNB to the tune of Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs).

A British daily had recently published a report and video showing Modi walking in the streets of London and said the fugitive diamantaire was living in a swanky 8 million pounds apartment in the city's West End and that he was involved in a new diamond business.

The ED and the CBI are investigating Modi, his uncle Mehul Choksi and others for alleged money laundering and corruption to perpetrate the alleged scam in the Brady House branch of the PNB in Mumbai that was unearthed last year. Modi has been chargesheeted by both the agencies.