London Court rejects bail to Nirav Modi

London Court rejects bail to fugitive dimond merchant Nirav Modi for third time, next hearing to be held on May 30

A UK court on Wednesday denied for the third time bail to fugitive diamantaire Nirav Modi, the main accused in the Punjab National Bank fraud and money laundering case amounting to up to USD 2 billion.

Nirav Modi was arrested by Scotland Yard on March 19 in connection with the Rs 13,000 Crore PNB loan default case.

He was denied bail by District Judge Marie Mallon at his first hearing on March 20 soon after his arrest by Scotland Yard officers from a central London bank branch as he tried to open a new bank account and has been in custody at HMP Wandsworth prison in south-west London since then.

He was denied bail a second time on March 29