Fugitive diamond merchant Nirav Modi, wanted in India in connection with the Rs 13,500 crore PNB fraud case, has applied for bail for the fifth time, claiming he is suffering from anxiety and depression.
Nirav Modi moved the bail plea in a London court against his continued detention and has asked for house arrest.
However, the court has rejected his plea and extended his custody till November 11.
The 48-year-old businessman was arrested from Holborn here on March 19. Since then he has been fighting extradition proceedings.
Modi and his uncle Mehul Choksi are being investigated by the Enforcement Directorate and the Central Bureau of Investigation after the PNB alleged that they cheated it of Rs 13,500 crore with the involvement of some bank employees.
Modi also faces charges under the Fugitive Economic Offenders Act.
The ED has filed a charge sheet against Choksi in a Prevention of Money Laundering Act Court in Mumbai.