Fugitive diamond merchant Nirav Modi's bail plea was rejected by a London court. Nirav Modi has applied for bail in connection with the multi-billion dollar Punjab National Bank (PNB) scam. The diamond merchant was accused of fraud and money laundering case amounting to nearly $2 billion (Rs 14,000 crore). He was arrested by Scotland Yard officers in London on March 19. Nirav Modi was facing extradition and was lodged at Wandsworth prison in south-west London since his arrest.