Indian businessman Nirav Modi, involved in a $2 billion Punjab National Bank (PNB) fraud and money laundering case, has been remanded to judicial custody until 17th October by a UK court on Thursday.

The businessman appeared for his remand hearing from his prison in Southwest London via videolink before Westminster Magistrates' Court on Thursday.

The diamantaire and his nephew 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.

Nirav Modi was arrested on March 19 by Scotland Yard in connection with the case and is in prison since then.

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 the economic offences.

Nirav Modi also faces charges under the Fugitive Economic Offenders Act. The ED has filed a charge sheet against Choksi in a Prevention of Money Laundering Act Court in Mumbai.

Both fled India before details of the fraud emerged in January 2018.