Nirav Modi's bail rejected for third time; will return to jail

Nirav Modi's bail plea was rejected by UK court for the third time today in a case regarding his extradition to India over alleged Rs 13,000 crore fraud with Punjab National Bank(PNB). Nirav Modi was arrested by uniformed Scotland Yard officers in central London on March 19.

Nirav Modi is believed to have been living in the UK on an Investor Visa, applied for in 2015 – at a time when the so-called "golden visa" route was relatively easier for super-rich individuals to acquire residency rights in the UK based on a minimum of 2-million pound investment.

Nirav Modi is the subject of an extradition request by India, along with an Interpol Red Corner Notice being issued for the PNB scam accused. He is the prime accused in the Rs 13,000 crore PNB fraud, along with his uncle Mehul Choksi. Choksi was granted citizenship of Antigua and Barbuda on January 15, 2018, while Modi is in London.

Both Nirav Modi and Mehul Choksi left India in January last year before the PNB scam came out in the public. The duo has not returned to India despite repeated summons from probe agencies and courts.