Disgraced jeweler Nirav Modi denied bail by UK Court

TIL Desk/Business/London/ A British court July 25 extended till August 22 the judicial custody of Nirav Modi in connection with the Rs 13,500 crore Punjab National Bank fraud case.

The Westminster Magistrates Court ordered the Metropolitan Police to place him in its custody till the next hearing on August 22.The 48-year-old businessman, wanted in India, was arrested from Holborn here on March 19. Since then he has been fighting extradition proceedings.

Modi and his uncle Mehul Choksi are being investigated by the Enforcement Directorate and the Central Bureau of Investigation after the PNB alleged that they cheated it of Rs 13,500 crore with the involvement of some bank employees.

Modi also faces charges under the Fugitive Economic Offenders Act. The ED has filed a charge-sheet against Choksi in a Prevention of Money Laundering Act Court in Mumbai. Both fled India before details of the fraud emerged in January 2018.