The judge of the UK court on Wednesday rejected Modi's bail despite the security amount being doubled to four million pounds and an offer to be on house arrest. As his fourth bail plea was rejected, Modi threatened to commit suicide if he was extradited to India.
The next hearing is slated to take place on December 4.
Modi 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.
Forty-eight-year-old Modi was arrested on March 19 by Scotland Yard in connection with the case and is currently lodged in Wandsworth prison in south-west London.
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 economic offences.