Diamond Tycoon Nirav Modi Loses Fourth Attempt at U.K. Bail

(Bloomberg) -- Nirav Modi, who is accused of defrauding an Indian state-run bank of $2 billion, was refused bail by a London judge as the celebrity jeweler fights extradition to India.

Judge Ingrid Simler refused to grant Modi bail Wednesday, on his fourth attempt. “There are substantial grounds for believing” that Modi would fail to surrender to custody and would obstruct the course of justice, she said.

Modi has been held since his March 19 arrest by U.K. police at the request of Indian authorities. He faces charges of fraudulently acquiring guarantees from Punjab National Bank that were later used to obtain loans from abroad.

Modi denies wrongdoing.

To contact the reporter on this story: Kaye Wiggins in London at kwiggins4@bloomberg.net

To contact the editors responsible for this story: Anthony Aarons at aaarons@bloomberg.net, Christopher Elser, Peter Chapman

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