Nirav Modi's Free Run Ends, Held Without Bail In London

Judge says there are substantial grounds to believe he will fail to surrender.

- Vidya Ram

Indian diamond businessman Nirav Modi, accused in the 13,000 crore Punjab National Bank fraud case, was denied bail here on Wednesday, despite offering the court assurances including £500,000 as security.

The hearing before district judge Marie Mallon took place a day after Modi was arrested at a bank branch in London by the Metropolitan Police.

Following a brief recess to consider matters, the judge said that she wasn’t inclined to give Modi bail because of the “high value amount” involved in the allegations against him and the “substantial grounds” for believing he would “fail to surrender” before the court if bail were granted.

During the midday hearing, Modi told the court that he did not give his consent to India’s efforts to extradite him. (As part of Britain’s extradition process, the question had to be put to him formally.)