London/New Delhi: The bail plea of fugitive billionaire Nirav Modi, who was arrested on Tuesday in London after a UK court issued an arrest warrant against him in response to a request by the Enforcement Directorate for his extradition, has been rejected by the London Court. 

Furthermore, Modi will stay in custody till March 29.

Also Read: Nirav Modi arrested after Vijay Mallya, chowkidar strikes again

Nirav Modi is accused of defrauding the Punjab National Bank of to the tune of over Rs 13,000 crore.

Sources have revealed that with the arrest of Nirav Modi, his extradition proceedings are likely to start soon.

Meanwhile, CBI sources said that all efforts are being made to get jeweller extradited from the UK. 

They said the central investigation agency is monitoring the developments in London and all legal assistance is being extended to take the extradition request forward in that country.

The CBI and the ED are also investigating Nirav's uncle Mehul Choksi and others for money laundering and corruption perpetrated at the Brady House branch of the PNB in Mumbai. 

Nirav reportedly left the country on January 1 last year, only weeks before the CBI received a complaint from PNB on January 29.