“Flash crash” trader Navinder Singh Sarao remains in custody as court grants extra seven days to raise £5m bail
Navinder Singh Sarao, the man charged with contributing to the "flash crash" of 2010, has been remanded in custody for another seven days after failing to pay £5m bail.
A court today granted Sarao the extra time to raise cash as he fights extradition to the US over his alleged involvement in the crash which wiped billions from the stock market.
The 36-year-old from Hounslow was returned to Wandsworth prison with a new hearing date set for 6 May.
The court also pushed back the date of Sarao's extradition hearing from August to 24 September at the request of a US lawyer at the hearing which took place at Westminster Magistrates Court.
Sarao, who appeared in court in a grey tracksuit, was arrested last week as a result of a joint operation between UK and US authorities and charged on 22 counts including wire fraud, commodities fraud and market manipulation. (These are the three most surprising things we learned from the criminal complaint filed by regulators,)
Other bail conditions include his parents, with whom he lives at a semi-detached house in Hounslow, paying £50,000. He must stay at the house while on bail, cannot travel internationally and must not use the internet.