20 March,2019 07:25 PM IST | | mid-day online desk
Nirav Modi
District Judge Marie Mallon denied bail to Modi and remanded him in custody till March 29, saying there were substantial grounds to believe that he would fail to surrender if granted bail.
A London court on Monday had issued an arrest warrant against Nirav Modi, who is wanted in India for an alleged loan default case, according to the sources in the Enforcement Directorate.
His arrest came days after a London court issued an arrest warrant against him in response to a request by the Enforcement Directorate for his extradition in a money laundering case.
The location of the arrest indicates that Nirav Modi, wanted in India in connection with the Rs 13,500 crore Punjab National Bank scam case, was arrested from where he is believed to have been living in a plush apartment in Centre Point in the West End.
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The case is expected to follow a similar pattern through the UK courts as that of liquor tycoon Vijay Mallya, who remains on bail since his arrest on an extradition warrant in April 2017 on fraud and money laundering charges.
The 63-year-old businessman has since filed an application seeking leave to appeal against his extradition ordered by UK home secretary Sajid Javid last month.
(with inputs from agencies)
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