Nirav Modi has been denied bail by a London court for the fifth time since his arrest in March last year. He was denied bail in the Punjab National Bank (PNB) fraud case.
Nirav Modi and his uncle Mehul Choksi are wanted for their role in the Rs. 13,570 crore loss to the PNB. Nirav Modi fled India for the United Kingdom to escape the law. However, he was tracked down and was arrested after investigating agencies moved for his extradition.
Nirav Modi had offered higher security and stricter bail conditions. His lawyers also claimed that his mental health was deteriorating as a result of his continuous incarceration at Wandsworth prison in London.
Justice Ian Dove said that there was a clear need for this application to be refused in the present circumstances.