Nirav Modi arrested, to stay in London jail till March 29

Indian diamond businessman Nirav Modi, accused in the ₹13,000 crore Punjab National Bank fraud case, was denied bail in London 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. Nirav Modi was produced in a London court and remanded in custody till next hearing on March 29 a day after the local police arrested the fugitive jeweller who is accused of defrauding Punjab National Bank of more than Rs 13,000 crore.

District judge Marie Mallon of the Westminster Magistrates’ Court denied bail to Modi on Wednesday citing sufficient grounds to believe he would fail to surrender if granted bail. The diamond magnate was arrested in the Holborn area of central London on Tuesday after he went into a bank to open an account and a member of staff contacted police. On Wednesday, he appeared at London's Westminster Magistrates Court accused by India of two charges of conspiracy to fraud and conspiracy to conceal criminal property.

"We welcome the fact that Nirav Modi has been arrested by the United Kingdom authorities pursuant to the arrest warrant issued by the Westminster Magistrates’ Court," said a spokesperson of India’s external affairs ministry.