Arrested Indian businessman Nirav Modi's bail denied by UK court

Nirav is a key accused of PNB scam.

He was arrested on Tuesday following the arrest warrants by the Westminster court, a government functionary said here, reported UNI news agency.

After the UK court denied his bail, Nirav will need to stay in prison till Mar 29 when the next hearing in the case will take place, reports said.

Nirav Modi and his uncle Mehul Choksi are the prime accused in the Rs 13,000-crore 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 country in 2018 before the CBI registered a case against him.

The arrest of the businessman took place at a time when the Central Bureau of Investigation (CBI) is taking all necessary steps to expedite the extradition process of Nirav Modi, sources said on Tuesday.

The billionaire diamond merchant was spotted by the media in London for the second time this month.

Nirav Modi's response to the media's questions remained the same, that being: "No comments."

Minister of State for Housing & Urban Affair  Hardeep Singh Puri reacted to his arrest and posted: " You can run, but cannot hide from the country's #Chowkidar. As wheels of justice grind, after Vijay Mallya, fugitive Nirav Modi has been arrested in London. Clear sign that this is not the India which will allow economic offenders to loot the country & evade the long arm of law."