An Indian diamond dealer who is a chief suspect in a huge bank fraud and money laundering case has been denied bail by a British court as he fights extradition to India.

Nirav Modi, 48, was arrested in London, in March, on suspicion of being the main beneficiary of a huge illicit scheme focused on defrauding Punjab National Bank in India of up to $2 billion, and then laundering the alleged proceeds of that fraud. He denies the allegations, dismissing them as “politically motivated.”

Westminster Magistrates Court refused bail on the grounds the judge feared Modi would not appear in court for his extradition hearing, which is scheduled to begin at the end of this month. It’s the third time British courts have denied his application for bail.

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Modi had reportedly been living a lavish lifestyle in London after his name was put on Interpol’s Red Notice list by New Delhi authorities in July 2018. He was arrested while opening a new bank account on March 19, though his lawyers argue that he was preparing to surrender himself to police.

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