The 64 year old Italian of Manor Waye was told he must remain in Wandsworth jail pending a full extradition hearing on November 25.
The court was told how Mr Rancadore – who lived in England for 18 years under the alias Marc Skinner – feared for his life if he went back to Italy.
"I'm not going back there - they will kill me", he is reported to have said to Met Police officers who arrested him at his home a stone's throw from Uxbridge town centre on August 7.
His barrister, Alun Jones QC, argued Mr Rancadore, who is in poor health, was not going to abscond.
"A man in this condition with family ties in this country, with his wife’s house and £10,000 at risk, is not going to abscond", he told Westminster Magistrates' Court.
But District Judge Quentin Purdy told him: "I believe there is every incentive for you to leave this jurisdiction or at least hide from the police should you choose to do so. I am not satisfied that you will answer bail if released."
Mr Rancadore's extradition hearing is fixed for November 25, at the same court.