UK HC rejected Nirav Modi's bail keeping in mind sheer quantum of fraud: ED

"A part of the defrauded amount that was attached and seized by it has been restituted (restored) to the victim banks," ED added

The UK High Court has once again rejected the bail to fugitive diamond trader Nirav Modi keeping in view the "sheer quantun of fraud" involved in this case, the Enforcement Directorate (ED) said.

 

The ED also added that the extradition proceedings against Modi were at a "final" stage.

 

Modi was arrested by the Soctland Yard Police in March 2019 and has been lodged in a UK jail since.

 

"UK High Court has once again refused bail to Nirav Modi, the mastermind of USD 1 billion fraud against PNB, hearing his 4th bail application on Thursday (15.05.2025)," the Indian agency said in a statement. 

"After thorough deliberation of arguments of the defence (Nirav Modi) with counter arguments of prosecution (Indian government), written submissions made by the ED, which highlighted the money laundering aspects by using shell companies to launder the proceeds to jurisdictions abroad including UK, and keeping in view the sheer quantum of fraud, the UK High Court rejecting the application, denied bail to Nirav Modi," it added.

 

"A part of the defrauded amount that was attached and seized by it has been restituted (restored) to the victim banks," ED further added.

 

Modi had made attempts to obtain bail from UK Westminster Magistrate Court on six occasions and three times from the UK High Court, the ED said.

 

The ED's money laundering case against Modi was filed on February 14, 2018, on the basis of a CBI FIR that alleged a fraud of ₹6,498.20 crore (USD 1.015 billion) at the Brady House branch in Mumbai of the Punjab National Bank (PNB).

 

The agency had attached assets, both in India and abroad, worth ₹2,626.62 crore in this case till now and has filed two chargesheets naming Modi and 35 other accused.

 

Of the total attached/seized properties, assets worth ₹1,052.42 crore have been restored to the victim banks (PNB consortium banks) till now, the ED added.

 

(With inputs from PTI)