The four accused are Hemant Bhatt, authorised signatory of the Nirav Modi group of firms, Arjun Patil, senior executive of Firestar International (a Nirav Modi firm), Miten Pandya, former finance manager in the firm and Manish Bosamiya, the then assistant general manager (Operations) of Firestar International.
The four were arrested in March by the CBI for their role in preparation of applications for fraudulent Letters of Undertaking (LoUs) submitted to PNB.
According to the probe agency, around Rs 11,400 crore worth of LoUs and Letters of Credit were fraudulently issued by PNB in favour of Modi and his uncle Mehul Choksi.
The four accused had sought bail claiming that their custody was not required as charge sheet had been filed in the case.
Special CBI Judge J C Jagdale, however, rejected the bail pleas.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)