Fugitive Nirav Modi after being arrested earlier in the day in London, has been denied bail even after offering 500,000 pounds. The celebrity jeweler was arrested from a metro station Holborn in Central London as reported by the Enforcement Directorate officers.

He is slated to be under arrest till March 29 after the Metropolitan Magistrate's court refused his offer of half a million pounds.

The iconic economic offender came under radar after 'The Telegraph' reported his presence in London after Vijay Mallya's extradition was also approved.

Also Read: PNB Scam: Fugitive Nirav Modi arrested in London, to be presented in court today

This move of ED is also being touted as an achievement of Indian government and is expected to give an edge in the upcoming Lok Sabha Elections with Mallya's extradition already approved and now Modi also under custody.

The 48 year old businessman was involved in a Rs 13,000 crore scam with Punjab National Bank along with his uncle Mehul Choksi.

This has seen some reactions from various leaders as well with National Conference Chief Omar Abdullah tweeting, "It's amusing to see the BJP falling over itself to credit the PM with the Nirav Modi arrest while completely ignoring the fat that it was The Telegraph of London and it's correspondent who found NIrav Modi, not the PM and his agencies".