Fugitive billionaire jeweller Nirav Modi was denied bail in a London court on Friday, following his arrest last week by British authorities on charges over his alleged involvement in a $2 billion fraud at India's state-run Punjab National Bank.
Fugitive billionaire jeweller Nirav Modi, wanted by Indian authorities over a $2 billion loan fraud at state-run Punjab National Bank (PNB) was remanded in custody after appearing before a British court on Wednesday.
The whereabouts of Nirav Modi and his uncle Mehul Choksi, the other person accused in India's biggest banking fraud at the country's second-largest state lender, have been unknown.
The Central Bureau of Investigation (CBI) arrested auditor Mohinder Kumar Sharma, widening its probe into the biggest bank fraud in India's history.
The Enforcement Directorate (ED), an Indian agency focused on foreign exchange and money laundering offences, has been conducting separate searches at homes and offices of Nirav Modi.
The Central Bureau of Investigation (CBI) said Rajesh Jindal, the former head of the bank's Brady House branch in Mumbai between August 2009 and May 2011, was arrested, taking to six the tally of bank officials arrested.
Indian officials are on the lookout for Nirav Modi and his family, who police say left India in January prior to the case being filed.
Three people, including two employees of Punjab National Bank (PNB), India's second largest state-run lender, were arrested and presented before a Mumbai court over the weekend.
Enforcement Directorate (ED) officers searched the Mumbai offices of Nirav Modi after he was accused of cheating state-owned Punjab National Bank (PNB) of 2.8bn rupees ($43.8mn).