The UK High Court on Wednesday denied bail to fugitive diamond merchant Nirav Modi, who is fighting his extradition from Britain to India in the nearly $2 billion Punjab National Bank fraud and money laundering case, according to media reports.
Justice Ingrid Simler said there were substantial grounds to believe that Nirav Modi will fail to surrender if granted bail.
Nirav Modi has already been denied bail on three previous occasions. He was arrested by UK police officers on an extradition warrant from a bank branch in London on March 19 and has been lodged in prison since.
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