Sins Catching-Up? Nirav Modi’s Bail Plea Rejected By Court In London, To Stay In Custody Until 29 MarchFugitive businessman Nirav Modi in London (Pic via Twitter)

Fugitive Indian jeweller Nirav Modi’s bail plea has been denied by the court in London. The court claims that there are "substantial grounds" to believe that he would fail to surrender if granted bail.

Nirav Modi is the prime accused in the $2 billion Punjab National Bank (PNB) scam case, and his arrest came days after a London court had issued an arrest warrant against him, reverting to an appeal by the Enforcement Directorate (ED) for his deportation in the money laundering case. He was, henceforth, produced before the Westminster Magistrates' Court on Wednesday, where he contested his extradition to India.

Indian authorities’ representative the Crown Prosecution Service (CPS) communicated to the court that Nirav Modi was wanted in India for money laundering and fraud which amounted to the tune of $2 billion, reports News 18.

"We do object to bail because there are substantial grounds to believe the requested person (Nirav Modi) would fail to surrender," said Barrister Jonathan Swain who appears for the CPS and on behalf of the Government of India. He will be in jail until 29 March.

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