Fugitive Nirav Modi denied bail by UK court for second time, next hearing on April 26

Fugitive billionaire diamantaire Nirav Modi was denied bail on March 29 by the Westminster Magistrate's Court for the second time. The next hearing has been scheduled for April 26.

Nirav, the main accused in the Rs 13,500 crore Punjab National Bank scam case, was arrested from London's Holborn Tube metro station on March 19.

At the next hearing on 26 April, Nirav Modi will be produced through video conferencing. He will be kept in police custody until then.

During the hearing today, Nirav's attorney Claire Montgomery offered a million pounds as security. However, the judge rejected the plea, taking into account the inconsistency in the statements of witnesses, allegations of destruction of evidence, the scale of the alleged fraud, and Nirav's keenness to move to the South-Pacific.

Also Read: Nirav Modi made death threats to witnesses, UK court told

The magistrate has given the Indian government six weeks to get the papers in order.

Three Indian officials – two from CBI and one from ED — had reached London for the extradition hearing of Nirav Modi, CNN News18 reported. The news channel also suggested that Indian authorities will be looking at his deportation.

Also Read: What does Nirav Modi's future hold?

Nirav was produced before a judge at the Westminster Magistrate's Court for the first time on March 20, where he had rejected extradition and offered 500,000 pounds as security for his bail.  The judge had denied him bail on grounds of the high value of funds embezzled and high access of escape.

Download your money calendar for 2022-23 here and keep your dates with your moneybox, investments, taxes