Nirav Modi's bail plea rejected fourth time

The Royal Courts of Justice here on Wednesday rejected the bail plea of the fugitive diamond merchant Nirav Modi for the fourth time.

Earlier, his bail plea was rejected thrice in the Westminster Magistrates' Court.

The fugitive diamantaire was arrested by Scotland Yard in connection with the Punjab National Court (PNB) loan default case on March 19 this year.

During the court proceedings on Tuesday, Clare Montgomery, who is representing Modi in the case, had submitted before the court that if her client were granted bail, he would be willing to be tagged through an electronic device so that his movements could be tracked.

"He moved here to raise capital, to explore where in the world he needed to be immigration wise. If he is given bail, he is willing to be tagged through an electronic device, have a phone that can be tracked," Montgomery said.

"Since he has an extradition case starting, there is no way he will run away. His daughter and son will be moving here. They are starting university," she added.

Comparing Modi to WikiLeaks founder Julian Assange, Montgomery had said, "Modi is not Julian Assange who wants to seek refuge in some embassy. He is an ordinary person. He is not a flight risk."

After presenting her arguments, the court said it wanted some time and deferred the matter to Wednesday morning.

India is seeking the diamond merchant's extradition to make him face the law of the land for allegedly committing economic offences like fraud and money laundering.

Modi has been lodged at Wandsworth prison in south-west London.