Billionaire Indian remanded in custody after London court appearance

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Judge Marie Mallon made the ruling in a London court on Wednesday, after Modi, wearing a white button down shirt and black pants, said he would fight extradition. District Justice Marie Mallon said there was a risk the billionaire merchant would fail to appear for future hearings because of his access to large sums of money that could help him evade the courts and his "keenness to do so".

As per an India Today report, the ED last week filed a supplementary charge-sheet in the PNB scam, naming Ami as an accused in the case in a special Mumbai court. The credit must go to the London Telegraph journalist who exposed Nirav Modi.

Fugitive businessman Nirav Modi was arrested in London after a Westminster Court issued a warrant against him.

Modi has been chargesheeted by both the agencies and the ED has also attached his assets worth Rs 1,873.08 crore under the Prevention of Money Laundering Act (PMLA), and has also seized assets linked to him and his family worth Rs 489.75 crore.

They had for months now expressed their willingness to cooperate and been in touch with extradition authorities, it was also argued.

A United Kingdom court could decide in no time that Nirav Deepak Modi is a flight risk and he needs to be kept in jail till his fate is decided, something the Indian security establishment had wised up to only after the diamantaire had posed for a picture with the Prime Minister and then vanished.

Appearing for Modi, Hepburne-Scott said: "He strongly contests all the allegations and is prepared with comprehensive arguments to support his case...his legal team has had months contact with the extradition squad and expressed his willingness to cooperate".

Nirav Modi to stay in jail till March 29th
BREAKING NEWS: Fugitive billionaire Nirav Modi arrested in London; to be produced in court

The Modi government had drawn criticism when the PNB fraud hit headlines and it came to light that Nirav Modi and his uncle Mehul Chowksi had left the country after reported involvement in the PNB case.

Modi was remanded in custody until his next appearance at the same court on March 29.

Modi's case will likely mirror that of Mallya, who is out on bail since he was arrested on an extradition warrant in 2017.

On February 4, UK Home Secretary Sajid Javid signed an order to extradite Mallya to India.

"An extradition request can not be sent at the stage of investigation".

The development comes days after UK's The Telegraph newspaper claimed that Modi was spotted in London, leading to the Congress slamming the Bharatiya Janata Party (BJP) government for its "failure" to bring the fugitive diamantaire to justice.