A U.K. court has denied bail to Nirav Modi and remanded him in custody till March 29. “Substantial grounds to believe Nirav Modi would fail to surrender if granted bail,” a U.K. judge said.
Earlier today Modi, the main accused in the $2-billion Punjab National Bank scam, was arrested by the Scotland Yard in London.
The 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.
"Nirav Deepak Modi, 48, was arrested on behalf of the Indian Authorities on Tuesday, March 19, in Holborn," the Metropolitan Police said in a statement.
He was produced before Westminster Magistrates' Court in London.
The location of the arrest indicates that Nirav Modi, wanted in India in connection with the Punjab National Bank scam, was arrested from where he is believed to have been living in a plush apartment in Centre Point in the West End.
It would seem that his arrest is on an extradition warrant, details of which would become clear when he appears before Westminster Magistrates' Court in London.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
