The Royal Courts of Justice in London on Wednesday denied bail to fugitive diamantaire Nirav Modi in the Punjab National Bank (PNB) scam case, reports said.

This was Nirav Modi's fourth bail application at the UK court which was refused. In May, UK's Westminster Magistrate's Court had denied bail to Modi, who is behind bars at Her Majesty's Prison Wandsworth in England.

Meanwhile, authorities at Mumbai's Arthur Road jail have kept barrack no.12 ready if Modi is extradited from the UK in connection with the USD 2 billion PNB fraud and money laundering case, reports said.

Nirav Modi's hearing against a lower court's order that denied him bail on grounds of substantial risk following his extradition orders from Britain to India was concluded on Tuesday in the UK High Court and the final verdict for the same will be given on Wednesday.