The UK court has denied the third bail plea of fugitive jeweler Nirav Modi, wanted in the 14,000-crore scam involving state lender Punjab National Bank (PNB).
Since his arrest on March 19, Modi, has been kept behind bars at Wandsworth prison, London. He appeared before the Chief Magistrate Emma Arbuthnot Arbuthnot at Westminster Magistrates’ Court, London, but his bail plea has been rejected. Next hearing in his extradition proceedings is scheduled for May 30.
Modi’s legal team argued with the court that he doesn’t have substantial assets giving him means to flee from the country as most of his bank accounts and assets has been frozen by the Indian authorities.
They also upped his bail security offer to 2 million pounds in bond and offered for him to be subjected to remain under 24-hour curfew and surveillance.
However Judge Arbuthnot denied his plea and said, “This is a large fraud and the doubling of security to 2 million pounds is not sufficient to cover a combination of concerns that he would fail to surrender (if bail is granted).”