On Wednesday, the Royal Courts of Justice denied the bail application of fugitive businessman Nirav Modi. This was the fourth time that Modi, a prime accused in multi-crore PNB scam, approached a court seeking respite.
He was arrested in London in April and has been lodged at Wandsworth prison in south-west London.
A recap on how Modi became India's despised businessman
'Nirav Modi Jewels' once redefined luxury, but that was before the Rs. 13,000 crore PNB scam came to light. Modi, along with his uncle Mehul Choksi, pulled off the biggest scam in India's banking history.
With the help of corrupt PNB officials, the duo got fraudulent LoUs issued, which helped them take money from other banks.
Modi and Choksi left India, just days before the scam was revealed. After hopping countries like China, Modi settled in the UK. He was traced by a journalist of The Telegraph, who revealed that the businessman had started a new venture there.
After the explosive story, Modi was arrested.
Meanwhile, Choksi got citizenship of Antigua and is staying there.
India's representative said Modi might influence witnesses
Meanwhile, Nicholas Hearn who represented India said Modi might not surrender during proceedings. "He has the resources and determination not to face these allegations in an India court," Hearn argued. He added that the fugitive businessman might influence witnesses before his extradition trial.