A UK court rejected fugitive Indian diamond merchant Nirav Modi’s bail plea for the fifth time. He is fighting extradition to India on charges of fraud and money laundering involving USD 2 billion in unpaid loans from the Punjab National Bank (PNB).
The 49-year-old has been incarcerated in Wandsworth Prison in south-west London since his arrest in March last year and is scheduled for an extradition trial in May. His fifth attempt at getting bail was on the basis of a change in circumstances.
"The bail application is regarding a change of circumstances. Modi has increased the security and offered more stringent bail conditions than last time," the spokesperson said.
However, the High Court in London rejected his plea.
Nirav Modi was arrested on March 19, 2019, on an extradition warrant executed by Scotland Yard on charges brought by the Indian government.