New Delhi, May 15 -- In a significant development, the High Court of Justice, King's Bench Division, London, on Thursday rejected a fresh bail petition filed by Nirav Deepak Modi. Modi, who has been lodged in a UK prison since March 19, 2019.

He is wanted in India for his involvement in the Rs 6,498.20 crore Punjab National Bank fraud case.

In a press release issued on Thursday, the Central Bureau of Investigation (CBI) stated, "Fresh Bail Petition filed by Nirav Deepak Modi was rejected today by the High Court of Justice, King's Bench Division, London. The bail arguments were strongly opposed by the Crown Prosecution Service advocate who was ably assisted by a strong CBI team consisting of investigating and law officers who travelled t...