London court denies bail to PNB scam-accused Nirav Modi

Sources said here during the court proceedings, the UK government's prosecution alleged that 48-year-old fugitive billionaire jeweller had threatened to kill one witness and offered bribe to another.

The UK prosecutor has also opposed Modi's bail plea.

“Given the scale of fraud and significant assets, a bail is opposed. He could influence witnesses if released on bail,” the prosecutor was quoted as telling the London court.

Nirav Modi and his uncle Mehul Choksi are the prime accused in the Punjab National Bank scam involving fake guarantees in the name of the state-run lender to secure loans overseas.

Modi and his uncle Choksi left the country in 2018 before the CBI registered a case against him.

Sources said Nirav Modi will have to be in jail till April 26 when the case would come up again.

Sources said the fugitive businessman is in the UK on an 'investor visa' that he obtained in 2015 before the fraud allegations.

While Nirav Modi has been denying the charge, he faces the possibility of 'extradition to India'.

Indian officials were also present in the court during hearing, a source said here.

Nirav Modi's extradition has emerged as one of the major election issues and certainly the BJP-led NDA regime and Prime Minister Modi is under pressure to take a firm stance on the case.

Earlier, he was denied bail on March 20.