INDIAN jeweller Nirav Modi has been denied bail by a British court this afternoon (8).
The wealthy businessman is accused of defaulting on bank loans in India.
Dressed in a light blue shirt and trousers, the 48-year-old appeared before Westminster Magistrates Court Chief Magistrate Emma Arbuthnot and sat behind a glass enclosure as the hearing got underway.
Modi's defence team doubled the bail security to £2 million and also offered he would stay on 24-hour curfew at his London flat.
"Conditions in Wandsworth (prison) are unliveable... Modi is willing to abide by any conditions you choose to impose," his barrister Clare Montgomery told the judge.
However, the judge denied bail to Modi as she spoke of her concern that he would fail to surrender.
Earlier, the Crown Prosecution Service (CPS), arguing on behalf of Indian authorities, said Modi should not be granted bail.
Modi's defence team, led by barrister Motgomery – who was also the barrister for former Kingfisher Airlines boss Vijay Mallya in his extradition case - opposed the CPS claims of Modi being a flight risk.
He is believed to have been living in the UK on an Investor Visa, applied for in 2015 – at a time when the so-called “golden visa” route was relatively easier for super-rich individuals to acquire residency rights in the UK based on a minimum of £2 million investment.
He was denied bail by District Judge Marie Mallon at his first hearing on March 20 soon after his arrest by Scotland Yard officers from a central London bank branch as he tried to open a new bank account.
Modi has been in custody at HMP Wandsworth prison in south-west London since then.
He was denied bail a second time on March 29 by Chief Magistrate Arbuthnot who ruled that there were "substantial grounds" to believe that he would fail to surrender and also noted that "very unusually in a fraud case" the accused had made death threats to witnesses.
Modi and his uncle, Mehul Choksi, are the main accused in a scam relating to loans secured from Punjab National Bank and they both left India before the details of the fraud came to light in January 2018.
