Fugitive PNB bank fraudster Nirav Modi, who was arrested on Tuesday in London after a warrant was issued by a UK court, today told the magistrate that he was working in London for a salary of 20,000 pounds, or Rs. 18 lakh, a month. He also showed a shred of evidence that he was paying tax and showed a National Insurance (NI) number.
Nirav Modi, who is wanted in an Rs. 13,000 crore bank scam, bail plea was rejected by the UK court and he has been sent to custody till next hearing on March 29. The UK court is earing India's request for the extradition of Nirav Modi.
The billionaire jeweler was denied bail by the court, "Remanding you in custody given the high value of amount involved in the allegations and the access you may have to means of escape," said the Metropolitan court judge, adding, "I have substantial grounds to believe that you may fail to surrender."
Nirav Modi also offered to pay 500,000 pounds for bail, and said he will cooperate fully with the investigation.
Nirav Modi, who was seen roaming on the streets of London recently was arrested by the London police. After the request letter of CBI to the International Police (INTERPOL), a red corner notice was issued under his name.
Earlier, a local court in the United Kingdom had issued an arrest warrant against the 48-year-old billionaire following the Enforcement Directorate's request for his extradition.