A court in London today denied bail to Indian businessman Nirav Modi, who was arrested in connection with the Punjab National Bank (PNB) fraud and money laundering case.
This is the seventh time that Modi has been denied bail by a court in the United Kingdom. Nirav Modi had sought political asylum after his bail had been denied five times in a row.
Modi has been in London’s Wandsworth Prison since his arrest in March 2019. He will be produced before the Court next month for the next phase of the extradition trial via video conference. The bail plea was filed before the Westminster Magistrate’s Court in relation to the Rs. 13,500 crore fraud case for which Modi is wanted in India.
Last month, the Court had extended Modi’s remand till the next date of hearing, which is November 3.
In June this year, the Enforcement Directorate (ED) had been granted leave to secure movable and immovable assets located in Mumbai, Rajasthan, the United Arab Emirates and the UK under the Fugitive Economic Offenders Act.