Nirav Modi's bail plea rejected by UK Court, to remain in custody till March 29

Fugitive Nirav Modi, accused in PNB scam, has been arrested in London. He is accused of siphoning off around Rs 13,000 crore from the Punjab National Bank. Nirav Modi offered to pay 500,000 pounds for bail, however, his bail plea was rejected by the UK Court. He will remain in custody till next hearing on March 29.

Nirav Modi, who was seen roaming on the streets of London recently, has been arrested by the London police. After the request letter of CBI to the International Police (INTERPOL), a red corner notice was issued under his name.

News agency ANI has tweeted, "Enforcement Directorate: Fugitive diamond merchant Nirav Modi arrested in London, to be produced in court later today."

Earlier, a local court in the United Kingdom had issued an arrest warrant against the 48-year-old billionaire following the Enforcement Directorate's request for his extradition.

Nirav Modi and his uncle Mehul Choksi have been accused of being involved in one of India’s biggest banking scam, wherein both the fugitive siphoned off money in the form of loan by providing fake guarantees in the name of Punjab National Bank to secure loan overseas. Both had left India in January 2018, before the CBI stated its investigation.

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