Fugitive Businessman Nirav Modi's bail has been rejected by London Court, reports NDTV.
It is learnt that he has been further remanded till May 24 and a full hearing has been scheduled for May 30. This was his third bail application since he was arrested.
Modi is allegedly responsible for the Rs.13,000 crore Punjab National Bank scam and was arrested by the London Police a month ago. His first bail application was rejected by the Court on the ground that there were "substantial grounds to believe that he would fail to surrender if granted bail".
Presently he is being held at Wandsworth prison in London, where he has been since his arrest in March.
Case Against Nirav Modi
In India, Enforcement Directorate had registered a case against Modi and others under the Provisions of Money Laundering Act after CBI registered an FIR against him under Sections 120-B r/w 420 of IPC read with Section 13(2) read with 13(1)(d) of Prevention of Corruption Act, 1988. According to ED and the CBI, Nirav Modi and his uncle Mehul Choksi, in connivance with officials of PNB managed to get fraudulent Letters of Understanding issued without following the due process causing a massive loss to the bank.
UK daily The Telegraph had tracked Modi in the streets of London and reported that Modi was still living in luxury and that he was involved in a new diamond business. Modi's assets worth Rs 1,873.08 crore have been attached by the ED under PMLA, and has also seized assets owned by him and his family worth Rs.489.75 crore.