New Delhi | Jagran News Desk: In a major upset to Nirav Modi, a UK court on Wednesday yet again rejected the bail plea of fugitive diamantaire regardless of an offer of ‘unprecedented bail package’, including 4-million pounds in security as well as house arrest sentenced to those charged with terror suspects.  

Nirav Modi, the 48-year-old fugitive diamond merchant is fighting against his extradition to India for charges of around USD 2 billion Punjab National Bank (PNB) fraud and money laundering case. He was produced before Chief Magistrate Emma Arbuthnot at Westminster Magistrates' Court in London for his fourth attempt to get the bail.

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"The past is a prediction of what might happen in the future," said Judge Arbuthnot, as she concluded that she is not convinced that he will not influence the witnesses or fail to appear before the court for his trial in May 2020. she also questioned the medical condition of Nirav Modi and said that his depression is not such that she would change her previous ruling to deny bail.

After the hearing, Nirav Modi was taken back to Wandsworth prison in south-west London and will next appear via video link before the same court on December 4.

Modi and his nephew Mehul Choksi are the main accused in the PNB loan default case. The duo fled the country in January last year before the scam came to light. Forty-eight-year-old Modi was arrested on March 19 by Scotland Yard in connection with the case and is currently lodged in Wandsworth prison in south-west London.

He has not returned to India despite repeated summonses from Indian probe agencies and courts. India is seeking his extradition to make him face the law of the land for allegedly committing economic offenses.

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During subsequent hearings, Westminster Magistrates' Court was told that Nirav Modi was the "principal beneficiary" of the fraudulent issuance of letters of undertaking (LoUs) as part of a conspiracy to defraud PNB and then laundering the proceeds of crime.

His extradition trial is scheduled between May 11 and 15, 2020, and he must be produced via video link before a court every 28 days until the case management hearings in the case kick in from early next year.

Posted By: Talib Khan