Fugitive Indian businessman Nirav Modi, who is undergoing extradition proceedings in the UK in the Rs 13,000 crore Punjab National Bank (PNB) fraud and money laundering case was denied bail by a UK court on Friday.
Nirav’s bail has been denied for the third time.
He appeared before the Westminster Magistrates’ Court through video link from the jail.
The 48-year-old has been behind bars at Wandsworth prison in south-west London since his arrest last month.
The Westminster court has further extended the police custody till May 24.
On March 29, Chief Magistrate Emma Arbuthnot rejected Nirav Modi’s bail request mentioning that there was “substantial risk he would fail to surrender”.
Nirav Modi was arrested by uniformed Scotland Yard officers on March 19 and sent to jail after his first bail appeal was denied.