Nirav modi
Activists of the youth wing of India's main opposition Congress party burn a cut-out with an image of billionaire jeweller Nirav Modi.reuters

Fugitive diamantaire Nirav Modi has been further remanded into judicial custody by the United Kingdom Court. He is wanted by the Indian government in a fraud and money laundering case.

48-year-old Nirav Modi has been remanded by the Westminster Magistrate's Court till August 22 after the short remand hearing via videolink from Wandsworth prison in London. The Chief Magistrate Emma Arbuthnot said that a five-day extradition trial will take place on May 2020 after a date is fixed by both parties.

Nirav Modi was represented in court by barrister Jessica Jones, who ran through some of the "directions" agreed between the diamond merchant's defence team and the Crown Prosecution Service (CPS) - arguing on behalf of the Indian government, reports PTI.

He is wanted by the Interpol for criminal conspiracy, cheating and dishonesty including money laundering and fraud since August 2018. He is being investigated in a $2 billion Punjab National Bank (PNB) fraud and is and is also being sued for $4.2 million for defrauding Paul Alfonso, an entrepreneur from Los Angeles, over two custom diamond engagement rings that turned out to be lab diamonds.

Nirav Modi's bail has been rejected multiple times and the fourth time he was denied bail by the UK High Court in June. He is expected to be produced before the court every four weeks under the UK law, which now falls on August 22.