PNB Scam: Nirav Modi's half-a-million pounds as bail bond turned down, to remain in custody till March 29

London : Nirav Modi, wanted in a 13,000 crores Punjab National Bank scam, has been sent to police custody till March 29. He was produced before the London court on Wednesday where he offered half-a-million pounds as bail bond but the judge turned it down.

He was picked up yesterday from a metro station Holborn, central London, said officers in the Enforcement Directorate, which is probing the case against him.

One week ago, the United Kingdom had issued an arrest warrant against Nirav Modi following India's request for his extradition. 

But a decision on his extradition cannot be taken without a long-drawn legal process, as is happening in the case of fugitive liquor baron Vijay Mallya.

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UK has recently approved Vijay Mallya's extradition, but the matter is now pending with its Home Office.

A few days back, it was reported that Nirav Modi is living in a 33-storey Centre Point Apartment complex in West End, the post theatre district in London. He is also believed to have started a new diamond business. The 48-year-old billionaire had skipped the country last year, weeks before the detection of the Rs. 13,000-crore Punjab National Bank scam. His relative Mehul Choksi, who was also wanted in the case, was granted citizenship of Antigua and Barbuda on January 15, 2018.