The custody of fugitive billionaire jeweller Nirav Modi was extended till August 22 by a UK court on Thursday.
This comes as yet another jolt in a series of setbacks for Modi who is one of the main accused in the Rs 13,700 crore Punjab National Bank fraud and money laundering case.
Jailed in Wandsworth prison since March 19, Nirav has made repeated attempts to get bail but has been unsuccessful so far. He was arrested on the basis of the extradition request by the Indian government and a Red Corner notice issued against him on the request of the CBI last year.
India is seeking Modi's extradition and Crown Prosecution Service, representing the Indian government, has maintained that granting him bail would be unfair because of the seriousness of the charges against him. "Allegations are of conniving and criminal acts....If Nirav Modi is given bail during extradition hearings, then that’s another thing. But he should not be given bail at this time as he faces serious charges."
The noose has been tightening around Modi even outside of UK.
In June, Swiss authorities froze his bank accounts and that of his sister Purvi which reportedly had deposits to the tune of Rs 283.16 crore. Most of his properties and assets in India too have been seized.