Former fugitive tycoon Asil Nadir failed yesterday to get a judge to remove his electronic tag.

Mr Nadir, 69, was arrested by police on December 4 after security company Serco claimed he was not at home during his midnight to 6 a.m. curfew.

But Mr Nadir, facing trial next year following the collapse of his Polly Peck company, was released four hours later without charge.

William Clegg, QC, defending, told the Old Bailey that Mr Nadir had been at home and this was accepted by the police.

He had been released after the tag was checked but there was no guarantee that it would not happen again.

Mr Clegg said Mr Nadir had found the experience distressing. He asked for the tag to be removed and replaced by a condition requiring Mr Nadir to report daily to police.

But Mr Justice Holroyde said the tag was part of a package of conditions imposed in September by another judge following careful consideration. He saw no reason to alter the condition despite what had happened. The judge said: “It does not seem to me to be a good enough reason to vary the conditions.”

Mr Nadir, of Mayfair, central London, has been served with a 13-count indictment alleging theft and false accounting of £33 million and $2.6 million.

The trial is due to take place in October and Mr Nadir was further conditionally bailed to appear in court on March 14.

Mr Nadir was originally arrested by the Serious Fraud Office and charged with 66 offences in 1990.

In 1993, while waiting to stand trial on the 13-count condensed indictment, he fled to northern Cyprus complaining he would not get a fair trial.

But he returned voluntarily this year to face trial after a judge agreed the bail conditions.

Serco said last night it had not claimed Mr Nadir was not at home.

A spokesman said: “Serco claimed they received no response from Mr Nadir when they attempted to contact him at home during his midnight to 6 a.m. curfew.”