After the UK court rejected his fourth bail plea, Nirav Modi reportedly said that he will commit suicide if he was extradited to India.
The judge of the UK court on Wednesday rejected Nirav Modi's bail despite the security amount being doubled to four million pounds and an offer to be on house arrest. Nirav Modi was produced before Chief Magistrate Emma Arbuthnot at Westminister Magistrates' Court here for his fourth attempt at bail.
This time Nirav Modi submitted his bail plea on fresh grounds that he was suffering from depression. But the Prosecution lawayer, James Lewis, challenged the fresh bail application on the grounds that Modi continued to possess the means and intention to flee the UK. James Lewis, appearing for the Crown Prosecution Service (CPS) on behalf of the Indian government said: "He has said he will kill himself if his extradition is ordered, that in itself is the strongest motivation for someone to abscond". Eventually the court rejected his bail application once again in connection with Rs 13,500-crore Punjab National Bank (PNB) fraud and money laundering case.
The next hearing is slated to take place on December 4. Nirav Modi and 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 Nirav 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 offences.