Nirav Modi's bail application rejected by UK court in PNB fraud case

A United Kingdom court has refused to grant bail to Nirav Modi on Wednesday in Punjab National Bank (PNB) fraud case, according to Times Now. The fugitive diamond merchant is fighting extradition to India on charges of nearly USD 2 billion fraud and money laundering case.

The 48-year-old was produced before Westminster Magistrates' Court in London to make another attempt at being let out on bail until his trial in May next year.

Judge Emma Arbuthnot rejected his bail application despite Modi's offer to double security from 2 million pounds to 4 million pounds.

He reportedly claimed anxiety and depression in his latest application, with earlier bail applications at the court being rejected by Chief Magistrate Arbuthnot, and then also on appeal at the High Court in London, as he was deemed a flight risk. His legal team has previously described their client's experience in prison as "damaging" and offered stringent electronic tag and other conditions akin to house arrest at his posh Centrepoint apartment in the West End of London in an attempt to persuade the judge to grant bail.

Modi has been behind bars at Wandsworth prison since his arrest on March 19 on an extradition warrant executed by Scotland Yard on charges brought by the Indian government.