Nirav Modi, who have been in a London Prison for over five years, was declared a "fugitive economic offender" in December 2019. Modi and his uncle Mehul Choksi have been accused of committing a scam worth Rs 14,000 crore by securing credit facilities through fraudulent means from Punjab National Bank. Since 2019, Modi and Choksi have been on the wanted list in India.

"I am satisfied that there remain substantial grounds against bail. There continues to be a real, substantial risk that the applicant [Nirav Modi] would fail to attend court or interfere with witnesses," stated District Judge John Zani after the hearing.

"This case involves, by any footing, a very substantial fraud allegation... not one where bail can be granted and the application is refused," the UK judge added further.

The court also heard that while the fugitive businessman lost his extradition case, he has instigated several "confidential" proceedings. As per the UK court, these meetings hint towards an asylum application.

Nirav Modi currently has three sets of criminal proceedings against him. The first is a CBI case of fraud on Punjab National Bank. The second refers to an ED case for alleged money laundering and fraud and the third is of alleged interference with evidence and witnesses in the CBI case.