UK court denies bail to Nirav Modi, extends remand till Aug 22
London, July 25 (UNI): A UK court on Thursday denied bail to fugitive diamond merchant Nirav Modi, who is wanted in India in the Punjab National Bank (PNB) fraud and money laundering case, and further extended his judicial remand till August 22.
Modi, 48, has been lodged in Wandsworth prison, considered one of Britain's most notorious jails, since March this year while his bail pleas have been rejected several times.
Modi is accused of defrauding state-owned Punjab National Bank (PNB) via fraudulent Letters of Undertaking (LoUs) to the tune of Rs 13,500 crore.
He was arrested on the basis of the extradition request of India and a Red Corner notice issued against him on the request of the CBI last year.
Earlier on June 27, the Swiss authorities had frozen bank accounts of Modi and his sister Purvi Modi having deposit balance of Rs 283.16 crore in their four bank accounts in Switzerland.
The accounts were frozen following the Indian Enforcement Directorate's request under the Prevention of Money Laundering (PMLA) Act. The request was made on the ground that money was deposited in these bank accounts out of illegal funds siphoned off from Indian banks and the same has represented proceeds of crime.
The court on the same day had extended his remand till today, July 25.
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