UK court denies bail to Nirav Modi for third time, next hearing on May 30

London: Fugitive businessman Nirav Modi's bail has been rejected by London Court on Friday. Modi's bail has been denied for the third time.

The very brief hearing ended with judge further remanding Modi till May 24. She scheduled a full hearing on May 30.

Modi has been undergoing extradition proceedings in the UK in the USD 1 billion Punjab National Bank (PNB) fraud and money laundering case.

The 48-year-old, who has been behind bars at Wandsworth prison in south-west London since his arrest last month.

Modi's bail was rejected by Chief Magistrate Arbuthnot on March 29 on the grounds that there was a "substantial risk he would fail to surrender".

Previously, Modi's legal team, including solicitor Anand Doobay and barrister Clare Montgomery, had offered 1 million pounds as security alongside an offer to meet stringent electronic tag restrictions on their client's movements, "akin to house arrest".

He was arrested by uniformed Scotland Yard officers from a Metro Bank branch in central London as he attempted to open a new bank account on March 19.