Nirav Modi held in UK, denied bail

London, March 20

Nirav Modi, the main accused in the $2 billion PNB scam case, has been arrested in London, where a court today remanded the fugitive diamantaire in custody till March 29, saying there are “substantial grounds” to believe that he would fail to surrender if granted bail.

“Nirav Deepak Modi, 48, was arrested on behalf of the Indian authorities on Tuesday in Holborn,” the Metropolitan Police said.

His arrest came days after a London court issued an arrest warrant in response to a request by the Enforcement Directorate for extradition in a money-laundering case.

Modi was produced in the Westminster Magistrates' Court on Wednesday, where he contested his extradition to India.

District Judge Marie Mallon said she was not inclined to accept Modi’s bail plea due to the “high value amount” attached to the allegations against him and that he would have “every incentive” to evade surrendering.

The Crown Prosecution Service (CPS), representing the Indian authorities, told the court that Modi was wanted in India for fraud and money laundering.

Under UK domestic law, the CPS said he is liable on charges of conspiracy to fraud, which has a maximum jail term of seven years, and conspiracy to conceal, which could result in anywhere between seven, 10 and life term in jail.

Modi’s legal team was headed by Barrister George Hepburne-Scott and his solicitor, Anand Doobay, is the same legal expert hired by former Kingfisher Airlines boss Vijay Mallya in his extradition proceedings against India.

Modi’s team made a case for bail, offering 500,000 pounds as security and an offer to adhere to “stringent” conditions. — PTI

In net, finally  

• Modi was arrested from a Metro Bank branch by uniformed officers on Tuesday, when he went there to open a new bank account
• A bank clerk alerted Scotland Yard as a result of the “high publicity” surrounding the case
• Modi was in possession of at least three passports, all since revoked by India

Art works’ auction

New Delhi: The Enforcement Directorate has obtained permission from a local court to sell 173 paintings valued at  Rs 57.72 crore and 11 high-end vehicles “beneficially owned” by Nirav Modi.