Nirav Modi, a fugitive businessman who flee away without paying thousands of crores of Indian Banks, will be in custody for a remand till August 22. The directions were given during a short hearing on Thursday at Westminster Magistrates’ Court via video conferencing from Wandsworth prison. The 48-year-old fugitive businessman has been behind the bars at south-west London’s Wandsworth prison since March in bank frauds and money laundering cases. Nirav Modi’s bail was rejected by the UK High Court earlier last month.

External Affairs Ministry (MEA) has been making continuous efforts to get Nirav Modi back to India, following which, the accused was arrested by uniformed Scotland Yard police on an extradition warrant which was issued on March 19. Red corner notices were also issued against Nirav’s sister Purvi Modi and brother Neeshal Modi following requests from the Enforcement Directorate (ED) over money laundering charges.

During subsequent hearings, the court was told that Nirav Modi was the principal beneficiary in all the cases and was the main brain of the conspiracy to defraud Indian Banks and money launderings.

Earlier on June 12, London’s Royal Courts of Justice had rejected the bail plea of Nirav Modi. It was Modi’s 4th attempt to get the bail which was refused by the UK court. Before this, Westminster Magistrate’s Court had denied bail to him in May.

Reports say Nirav Modi, who was a diomond merchent in India, flee away without paying loans of thousands of crores of Punjab National Bank and is now under behind the bars and soon will be dragged back to India.

For all the latest Business News, download NewsX App