Nirav Modi Arrest: The Westminister court in London on Wednesday turned down the bail plea of PNB fraud accused Nirav Modi. He will be in police custody till March 29. Nirav Modi was arrested by Metropolitan Police in London earlier on Wednesday.
The arrest came two days after a London court issued a warrant against him in response to a request by the Enforcement Directorate.
During the hearing, the lawyer representing Modi argued that he was cooperating in the case. He further said that Nirav has demonstrated keenness to fully cooperate and has already submitted travel documents. However, the court turned down his plea.
District Judge Marie Mallon, presiding over the hearing, said that she was not inclined to accept Modi’s bail plea due the “high value amount” attached to the allegations against him and that he would have “every incentive” to evade surrendering before the court.
There are substantial grounds to believe that you would fail to surrender before the court if bail were to be granted,” the judge noted.
Modi, dressed in a plain white shirt and trousers, appeared in the dock where he spoke only to confirm his name and also to formally decline consent to be extradited to India.
Nirav Modi is a prime accused in multi-billion PNB fraud. His arrest is seen as a big diplomatic victory for India where the fugitive diamantaire committed the biggest banking fraud.
However, Congress leader Ghulam Nabi Azad earlier said that the action against Nirav was taken due to elections in India.