PNB fraud case: Fugitive jeweller Nirav Modi arrested in London
Nirav Modi was produced before the Westminster Magistrates Court on Wednesday, where he contested his extradition to India.
New Delhi/London: Fugitive jeweller Nirav Modi, wanted in the multi-crore Punjab National Bank (PNB) fraud case, has been arrested in London, where a court on Wednesday remanded him in custody till March 29.
Nirav Modi was produced before the Westminster Magistrates Court on Wednesday, where he contested his extradition to India.
District judge Marie Mallon denied bail to Modi and remanded him in custody till March 29, saying there was substantial grounds to believe that he would fail to surrender if granted bail.
“Nirav Modi (48) was arrested on behalf of the Indian authorities on Tuesday in Holborn,” the Metropolitan Police said in a statement in London.
His arrest came days after a London court issued an arrest warrant against him in response to a request by the Enforcement Directorate (ED) for his extradition.
Modi, dressed in a plain white shirt and trousers, appeared in the dock where he spoke only to confirm his name and also to decline consent to be extradited to India.
The Crown Prosecution Service (CPS), representing the Indian authorities in court, told the court that Modi was wanted in India for fraud and money-laundering amounting to the tune of $2 billion.
Under UK domestic law, the CPS said he was liable to be charged with conspiracy to fraud, which has a maximum jail term of seven years, and conspiracy to conceal, which could result in anywhere between seven and 10 years or even a life term.
It emerged in court that Modi was arrested from a Metro Bank branch in London by uniformed officers on Tuesday when he went there to open a new account.