The Westminister Court in London has denied bail to Nirav Modi, the main accused in 2 billion US Dollars PNB scam, reports the PTI. District Judge Marie Mallon remanded him to custody till March 29, saying that there were "substantial grounds to believe that he would fail to surrender if granted bail".

The 48 year old diamond merchant had offered half a million pounds as bail bond. But the judge turned it down "given the high value of funds and access to means to escape"

He was arrested today and was produced before the Court pursuant to the warrant issued on Monday.

Two days back, the Westminster Court, London had issued a provisional arrest warrant against the diamond trader who is allegedly responsible for the Rs.13,000 crore Punjab National Bank scam will be arrested soon.

Earlier, Enforcement Directorate (India) had registered a case against Modi and others under the Provisions of Money Laundering Act after CBI registered an FIR against him under Sections 120-B r/w 420 of IPC read with Section 13(2) read with 13(1)(d) of Prevention of Corruption Act, 1988.

According to ED and the CBI, Nirav Modi and his uncle Mehul Choksi, in connivance with officials of PNB managed to get fraudulent Letters of Understanding issued without following the due process causing a massive loss to the bank.