New Delhi [India], May 16 (ANI): In a significant development, the High Court of Justice, King's Bench Division, London, on Thursday rejected a fresh bail petition filed by Nirav Deepak Modi. Modi, who has been lodged in a UK prison since March 19, 2019.

He is wanted in India for his involvement in the Rs 6,498.20 crore Punjab National Bank fraud case.

In a press release issued on Thursday, the Central Bureau of Investigation (CBI) stated, 'Fresh Bail Petition filed by Nirav Deepak Modi was rejected today by the High Court of Justice, King's Bench Division, London. The bail arguments were strongly opposed by the Crown Prosecution Service advocate who was ably assisted by a strong CBI team consisting of investigating and law officers who travelled to London for this purpose.'

'Central Bureau of Investigation (CBI) could successfully defend the arguments which resulted in rejection of the bail. Nirav Deepak Modi is in UK prison since 19th March 2019. It may be recalled that Neerav Modi is a fugitive economic offender who is wanted for Trial in India in a Bank fraud case of CBI for defrauding Punjab National Bank for Rs. 6498.20 crore,' the release added.

The CBI further said that his extradition has already been approved by the High Court of the UK in favour of the Government of India. 'This is his 10th bail petition since his detention in UK which was successfully defended by CBI through Crown Prosecution Service, London,' CBI said.

India has been working for the extradition of Nirav Modi, who was arrested in March 2019 by British authorities in London. Nirav Modi and his uncle Mehul Choksi are the main accused in the PNB scam.

The Enforcement Directorate (ED) had in 2018 registered a Prevention of Money Laundering Act (PMLA) case against Nirav Modi, Mehul Choksi and others in the Punjab National Bank (PNB) fraud case.

During the investigation, several searches were conducted which led to the seizure of diamonds, gold, pearls and precious and semi-precious stones.

In December 2022, Nirav Modi lost his plea to move the UK Supreme Court against his extradition to India on charges of fraud and money laundering.

The diamantaire had fled India in 2018 before details of his 'involvement in large-scale fraud' at the Punjab National Bank became public. (ANI)