The bail plea of fugitive diamantaire Nirav Modi, who was arrested in London a day before, has been rejected by London court on Wednesday. The billionaire businessman was arrested by the police after the court issued an arrest warrant against him. The magistrate has turned down the bail bond after Nirav Modi offered half-a-million pounds. Meanwhile, Nirav will remain in police custody till March 29.

Nirav Modi was recently seen in London after a video released by London-based newspaper, The Daily Telegraph, which showed him roaming in London streets and responding to queries by its reporters. Last week, a London court had issued an arrest warrant against Modi in response to a request by the Enforcement Directorate (ED) for his extradition in a money laundering case of Rs 13,500 crore. Punjab National Bank (PNB), in 2018 had said that two jewellery groups headed by Nirav Modi and his uncle Mehul Choksi had defrauded it by raising credit from other Indian banks using illegal guarantees issued by rogue PNB staff.

Reportedly, Nirav Modi arrived in London last year and was able to travel in and out of Britain at least four times since his passport was cancelled by the Indian authorities last year.

Meanwhile, the diamantaire is now believed to be running a new business as a wholesale trader in watches and jewellery specialised stores.

Opposition parties have been criticizing the government on numerous occasions. They have accused that BJP leadership helped Nirav Modi for fleeing from the country. They also said that Prime Minister Narendra Modi has also helped him to live peacefully outside the country.

Former Jammu and Kashmir chief minister, Omar Abdullah credited The Daily Telegraph and its correspondent for Nirav Modi’s arrest, who helped the country in finding Nirav.

Meanwhile, Union Minister Ravi Shankar Prasad has hailed the arrest of Nirav and termed it as an achievement for Prime Minister Narendra Modi. He has said that Nirav can run but cannot hide from the country and it gives a clear sign that this is not the India which will allow economic offenders to loot the country and evade the long arm of law.

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