A London court on Friday rejected the bail application of fugitive billionaire jeweller Nirav Modi, who is wanted in India for over a $2 billion loan fraud at state-run Punjab National Bank (PNB).
A judge at the Westminster Magistrate court said it finds substantial grounds to fear that Modi, who was arrested on March 19, would fail to surrender and will hear his plea again on April 26.
India asked Britain in August 2018 to extradite Modi, 48, after he was accused of massive bank fraud, charges he denies.
Modi left the country before India’s biggest banking fraud came to light early last year.
The third generation of his family to go into the diamond trade, Modi is worth $1.73 billion, according to Forbes. He once owned 17 jewellery shops across the world, with branches in Asia, the U.S. and Britain, reports Reuters.
PNB, India’s second-largest state-run bank, said in 2018 that two jewellery groups headed by Modi and his uncle MehulChoksi had defrauded it by raising credit from other Indian banks using fraudulent guarantees issued by rogue staff of the bank. Modi and Choksi have both denied wrongdoing.
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