According to reports A court in London on Friday denied bail to fugitive diamond businessman Nirav Modi for the third time, ANI reported. Modi will remain in jail till May 24, the next date of hearing.

Modi was arrested in London on March 19 for allegedly duping India's Punjab National Bank of over Rs 13,000 crore. He was sent to custody at HM Prison Wandsworth till March 29 after the Westminster court had rejected his bail plea. Modi's arrest had come days after an arrest warrant was issued by authorities in London.

Nirav Modi, who fled India in January 2018, is now living at an apartment in London's West End, British newspaper The Telegraph had reported in March. The daily had said Modi lives on half a floor of the Centre Point Tower Block in an apartment whose rent is likely to be around Rs 15.5 lakh and which costs around Rs 73 crore.

Fugitive businessman Nirav Modi has been denied bail by a UK court for a third time, in a hearing that was presided over by Chief Magistrate Emma Arbuthnot.

He was arrested by uniformed Scotland Yard officers on March 19 and sent to jail after his first bail appeal was denied. During his first court appearance, it emerged the diamantaire accused of defrauding PNB via fraudulent Letters of Undertaking had been in possession of multiple passports, since revoked by the Indian authorities.