A day after being arrested in London, the bail plea of Nirav Modi, the Rs 13,500 crore Punjab National Bank (PNB) fraud case accused, was rejected in London on Wednesday.
The Westminster Court denied the bail plea filed by Nirav Modi today, as the prime accused in the PNB banking fraud case was produced before the court after being arrested by Scotland Yard on Tuesday.
Hearing Modi’s bail plea, the Westminster Court heard both parties argue if the prime accused in the PNB scam should be permitted to walk free or not.
Reports suggest that he was denied bail on that ground that he is a flight risk, which means that he has enough resources and motive to flee once again.
Modi, who has been on the run since February 2018, was arrested by the UK authorities on Tuesday and taken to the Westminster court on Wednesday.
“Nirav Deepak Modi, 48, was arrested on behalf of the Indian Authorities on Tuesday, 19 March, in Holborn,” the Metropolitan Police said, confirming the development that Nirav Modi had been arrested.
A London court had reportedly issued an arrest warrant against Nirav Modi, who is accused in Rs 13,500 crore Punjab National Bank (PNB) fraud case. The order apparently came in response to a request by the Enforcement Directorate for his extradition to India. He had entered the United Kingdom on a ‘golden visa’ issued on his now-revoked Indian passport. It is a tier-1 investor visa issued to individuals from countries outside the European Union and Switzerland.