LONDON – The UK High Court denied an appeal by an Indo-British lone trader, fighting extradition to America for his alleged role in the 2010 Wall Street “flash crash” which wiped nearly USD 1 trillion off the value of US shares, to vary his 5 million pound bail condition.
Navinder Singh Sarao, accused of contributing to the Wall Street “flash crash” five years ago, had requested that his bail conditions be relaxed as his assets had been frozen.
The court decision means the 36-year-old will remain in custody while fighting his extradition to the US. “There’s no substantial reassurance that this applicant is not a flight risk,” said Judge Ross Cranston at a hearing in London.
Sarao has been granted UK government funded legal aid to pay his legal team after he claimed that he had been prevented from paying his lawyers or meeting his bail conditions by a worldwide assets freeze order by US authorities.
Legal aid, aimed at ensuring equal access to justice, is made available to people otherwise unable to afford legal representation.
