A London Court on Friday rejected the bail plea of fugitive diamond merchant Nirav Modi. The Indian businessman has been facing extradition proceedings in the United Kingdom in connection to the over Rs 13,000 crore PNB (Punjab National Bank) fraud and money laundering case discovered in February 2018.

He has been behind bars in the Wandsworth prison in south-west London after his arrest on 19 March. Modi's next hearing of the matter will be held on 24 May. The Westminster Magistrates' Court further said that the full hearing will take place on 30 May.

A Times of India report said that in his hearing last month, it was revealed that Modi made death threats to witnesses and attempted destroying evidence like mobile phones and servers that held critical material related to the case.

On Thursday, the Government-owned Metal Scrap Trading Corporation (MSTC) auctioned 13 cars that belonged to Nirav Modi and his uncle Mehul Choksi, also accused in the same case, on behalf of the Enforcement Directorate (ED). The cars collectively attracted Rs 3.29 crore. They were confiscated by the ED after the duo fled the country.
Nirav Modi left the country with his family in January 2018, before the fraud was unearthed by authorities.