A UK court today remanded the fugitive jeweller Nirav Modi, in custody till March 29, saying there are substantial grounds to believe that he would fail to surrender if granted bail. Nirav was arrested in Holborn. He is the main accused in the 13,500 crore rupees Punjab National Bank scam case. He was produced before the Westminster Magistrates’ Court yesterday, where he contested his extradition to India. District Judge Marie Mallon denied bail to Nirav Modi and remanded him in custody till March 29.
His arrest came days after a London court issued an arrest warrant against him in response to a request by the Enforcement Directorate for his extradition in a money laundering case. UK home secretary Sajid Javid had certified India’s extradition request for Nirav Modi earlier this month, triggering the legal process in the courts, kick-started with the issuance of a warrant.