Nirav Modi, who is facing charges of fraud and money laundering in the PNB) scam case had contested his extradition to India as he appeared via videolink from Wandsworth Prison in south-west London at Westminster Magistrates' Court of District Judge Samuel Goozee.
An extradition request from the Indian government was certified by the UK Home Office in February last year before his arrest by Scotland Yard on March 19, 2019.
The 49-year-old, who has been lodged at Wandsworth Prison in south-west London since his arrest last year, appeared before the court via video conferencing due to the social distancing procedures put in place across the UK courts in view of the COVID-19 pandemic.
The court rejected his bail plea despite an offer of an 'unprecedented bail package', which included 4-million pounds in security as well as house arrest akin to those imposed on terrorist suspects.
Mehul Choksi along with his nephew Nirav Modi are the accused in the Rs 13,500 crore Punjab and National Bank fraud case. Choksi fled the country and was granted citizenship by Antigua and Barbuda on January 15, 2018.
Mehul Choksi and his nephew Nirav Modi are being investigated by the ED and the CBI after it was detected that they allegedly cheated Punjab National Bank of more than Rs 13,400 crore.
Nirav Modi has already been denied bail thrice by the Westminster Magistrates' Court, as the judge ruled there was "substantial risk" that he would fail to surrender and deemed the bail security offered as insufficient.
The court is hearing the extradition case of Nirav Modi in the $1 billion Punjab National Bank (PNB) fraud and money laundering case.
The UK court earlier on Friday rejected Nirav Modi’s second bail application, saying there are 'substantial grounds' to believe the fugitive diamantaire will fail to surrender.
The 48-year-old had been denied bail by District Judge Marie Mallon at his first hearing soon after his arrest by Scotland Yard officers from a central London bank branch.
