UK court denies bail to Nirav Modi for third time 

UK's Westminster Magistrates Court on Wednesday rejected the bail application of fugitive diamantaire Nirav Modi.

He was arrested by Scotland Yard on March 19 in connection with the Rs 13,000 Crore PNB loan default case.

Modi’s lawyer, Clare Montgomery doubled the bail security to 2 million pounds and offered he would stay on 24-hour curfew at his London flat. He told the judge that her client’s funds in India were frozen or liquidated.

The Westminster Court rejected bail for Modi twice before since his March 19 arrest by UK police at the request of Indian authorities.

The tycoon, who dressed stars including Kate Winslet, Dakota Johnson and Priyanka Chopra, faces charges of fraudulently acquiring guarantees from Punjab National Bank that were later used to obtain loans from abroad, according to complaints filed by the lender.

Nirav Modi will appear before UK's Westminster Court for next hearing on May 30.

(With inputs from agencies)