UK court has turn down fugitive Indian businessman Nirav Modi’s bail plea on fresh grounds that he is suffering from depression in connection with Rs 13,500 crore Punjab National Bank fraud and money laundering case.
The judge of the UK court on Wednesday declined Nirav Modi’s bail regardless of the security amount being doubled to four million pounds and an offer to be on house arrest. As his fourth bail appeal was refused, Nirav Modi threatened to commit suicide if he was deported to India.
The next proceeding is scheduled to take place on 4th December.
Nirav Modi and Mehul Choksi are the primaryaccused in the PNB loan default case. They fled the country in January last year before the scam unfolded.
Nirav Modi was taken into custody on 19th March by Scotland Yard in connection with the case and is currently languishing in Wandsworth prison.
India is seeking his extradition to make him undergo the law of the land for allegedly engaging in economic felony.