March 29, 2019 / 2:57 PM / 3 months ago

Billionaire jeweller Nirav Modi denied bail in London over bank fraud case

LONDON, March 29 (Reuters) - Fugitive billionaire jeweller Nirav Modi was denied bail in a London court on Friday, following his arrest last week by British authorities on charges over his alleged involvement in a $2 billion fraud at India’s state-run Punjab National Bank.

The 48-year-old Modi, who denies the charges, faces the possibility of extradition to India where Prime Minister Narendra Modi (no relation) is under pressure to take a firm stance on the case ahead of national elections in April-May. (Reporting By Lawrence White Editing by Rachel Armstrong)

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