For the fifth time in a row, the UK court has rejected fugitive diamantaire Nirav Modi's bail plea on fresh grounds that he is suffering from depression in connection with Rs 13,500-crore Punjab National Bank (PNB) fraud and money laundering case.

The judge of the UK court on Wednesday rejected Nirav Modi's bail despite the security amount being doubled to four million pounds and an offer to be on house arrest. As his fourth bail plea was rejected, Nirav Modi threatened to commit suicide if he was extradited to India. The next hearing is slated to take place on December 4.

Nirav Modi
Nirav Modi was arrested by the Scotland Yard and has been behind bars since March.The Week

Nirav Modi, main accused in PNB loan default case

Nirav Modi and Mehul Choksi are the main accused in the PNB loan default case. The duo fled the country in January last year before the scam came to light.

Forty-eight-year-old Nirav Modi was arrested on March 19 by Scotland Yard in connection with the case and is currently lodged in Wandsworth prison in south-west London.

He has not returned to India despite repeated summonses from Indian probe agencies and courts. India is seeking his extradition to make him face the law of the land for allegedly committing economic offences.

Earlier, Nirav Modi's bail has been rejected after being denied bail thrice by the London's Westminster Magistrates Court which was hearing India's request for his extradition to face major charges of financial fraud.