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. 

Enforcement Directorate officials and the CBI expect a faster affair in Nirav Modi’s case when compared to the exercise of bringing back Vijay Mallya. According to officials, Modi's extradition should not take more than six months.

In Nirav Modi's case, the evidence of cheating and money laundering are stronger and that uplifts the dual criminality clause required in such cases in the UK.

Furthermore, Modi will stay in custody till March 29. 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 the 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.

Meanwhile, the Narendra Modi-led NDA government has convinced the United Kingdom courts to bring accused Vijay Mallya and Nirav Modi back to India. There is a list of accused, who have left India, but the UPA government has never made serious efforts to bring them back. 

Most of them are facing serious criminal charges and the list includes Nadeem Akhtar Saifi, who is involved in the Gulshan Kumar murder case, ex-IPL chief Lalit Modi and Sheetal Mafatlal. In certain earlier cases, the Indian government has been accused of negligence while presenting evidence in extradition cases.