Fugitive jeweller Nirav Modi, the main accused in Rs. 13,000 crore Punjab National Bank scam, will not be released on bail, a court in London ruled today, rejecting his bail application. Chief Magistrate Emma Arbuthnot said Nirav Modi’s attempt to try and seek citizenship of Vanuatu, a remote island country located in the South Pacific Ocean, shows he was trying to move away from India at an important time.

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