UK court denies Nirav Modi's bail plea under money laundering case

Fugitive billionaire jeweller Nirav Modi was denied bail in a London court on Friday, following his arrest last week by British authorities on charges over his alleged involvement in a $2 billion fraud at India's state-run Punjab National Bank.

The 48-year-old Modi, who denies the charges, faces the possibility of extradition to India where Prime Minister Narendra Modi (no relation) is under pressure to take a firm stance on the case ahead of national elections in April-May.