No bail for Nirav Modi

London/New Delhi: Nirav Modi, the celebrity jeweller wanted in a Rs 13,000-crore Punjab National Bank scam, was arrested in London on Tuesday after a yearlong chase that spanned several countries and became symbolic of India's inability to catch high-profile offenders.

The diamond magnate was arrested in the Holborn area of central London on Tuesday after he went into a bank to open an account and a member of staff contacted the police, according to the Enforcement Directorate, which is probing the case against him.

Produced within hours at the Metropolitan Magistrate's court, Modi had offered half-a-million pounds as bail bond, but the court turned it down. District Judge Marie Mallon said there were substantial grounds to believe he might not surrender to bail and no conditions would satisfy her to grant his release.

He was remanded in custody until his next appearance at the same court on March 29. He spoke only to confirm his name, age and address, and that he did not agree to being extradited. His lawyer, George Hepburne Scott, said his client would deny the charges which he believes are politically motivated. Modi left the country before India's biggest banking fraud came to light early last year.