Nirav Modi wanted in a 13,000-crore Punjab National Bank scam, was arrested in London on Tuesday. Produced within hours at the Metropolitan Magistrate’s court, he had offered half-a-million pounds as bail bond, but the court turned it down.
He will be in jail till March 29, when the next hearing will take place. The External Affairs Ministry said they welcome Nirav Modi’s arrest. “Government of India continues to actively follow up this matter with the authorities concerned in the UK, with a view to have Nirav Modi extradited to India at the earliest,” the External Affairs Ministry said.
He was picked up on Wednesday from a metro station Holborn, central London, said officers in the Enforcement Directorate, which is probing the case against him.
Judge Marie Mallon said she was remanding Nirav Modi to custody “given the high value of amount involved in the allegations, and the access you may have to means of escape…. I have substantial grounds to believe that you may fail to surrender”.
A week ago, UK issued a warrant against him following India’s request for his extradition. But a decision on the extradition cannot be taken without a long-drawn legal process, as is happening in the case of fugitive liquor baron Vijay Mallya, who fled to UK in 2017 as banks tried to recover loans to the tune of Rs. 9000 crore from him.
UK has recently approved Vijay Mallya’s extradition, but the matter is now pending with its Home Office.