London court rejects bail application of fugitive Nirav Modi

Nirav Modi
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Sumit Singh

New Delhi: Fugitive Indian jeweler Nirav Modi, the main accused in the Rs 13,000-crore scandal at the Punjab National Bank (PNB Scam), was arrested in London on Wednesday. He was produced before the court which rejected his bail application. Now he will spend time police custody till March 29.

 Fugitive businessman Vijay Malya’s lawyer Anand Dubey is representing Modi in the curt. Modi had escaped from India a few months before the scam came to light in 2018.

Enforcement Directorate (ED) will auction Modi’s 173 paintings and 11 vehicles. ED has obtained permission for it from a special court in Mumbai. Officials said that the same court also issued non-bailable warrants against Modi’s wife Amy. ED recently filed a supplementary charge sheet while underlining his role in the $ 2 billion PNB scam.  The cost of painting is estimated at Rs 57.72 crore. The expensive vehicles like Rolls-Royce, Porsche, Mercedes and Toyota Fortuner will be auctioned.