Diamantaire Nirav Modi has been denied bail for the third time at the Westminster Magistrates' Court in London on last Wednesday 8 May, in his extradition to India, as he faces charges in the Punjab National Bank fraud and money laundering case amounting to US$ 2bn and will continue to be remanded at the HM Wandsworth Prison.
48 year old Modi appeared in the court clean shaved, in a light blue shirt and dark blue trousers with a notebook, and sat behind a glass enclosure with two female officers. Though Modi's lawyers tried to convince judge Emma Arthbutnot, about his eligibility of bail, Judge Arbuthnot ruled that while the doubling of security offered by Modi's lawyers did amount to a change in circumstances but in order for her to hear the "renewed" bail plea, she still had similar concerns as before that he is not flight risk and did not have enough community ties to UK.
Judge Arbuthnot said, "This is a large fraud and the doubling of security to £2million is not sufficient to cover a combination of concerns that he would fail to surrender.”
The next case management hearing will be on 30 May. In the meantime, Modi could apply for bail in a higher court.
