UK High Court denies Nirav Modi bail again in Rs 6,498-cr PNB fraud case

Fugitive diamond merchant Nirav Modi, jailed since March 2019, faces another legal setback as the UK High Court dismisses his 10th bail plea in the PNB fraud case

The High Court of Justice, King’s Bench Division, London, rejected fugitive diamond merchant Nirav Modi’s fresh bail plea on Thursday (local time), news agency PTI reported.

 

Nirav Modi, who is wanted in India for his alleged involvement in the Rs 6,498.20 crore Punjab National Bank fraud case, has been imprisoned in the UK since March 2019.

 

In a press release, the Central Bureau of Investigation (CBI) said, “Fresh Bail Petition filed by Nirav Deepak Modi was rejected today by the High Court of Justice, King’s Bench Division, London. The bail arguments were strongly opposed by the Crown Prosecution Service advocate, who was ably assisted by a strong CBI team consisting of investigating and law officers who travelled to London for this purpose.”

 

 

It further added, “Central Bureau of Investigation (CBI) could successfully defend the arguments which resulted in rejection of the bail. Nirav Deepak Modi has been in a UK prison since 19th March 2019. It may be recalled that Nirav Modi is a fugitive economic offender who is wanted for trial in India in a bank fraud case by the CBI for defrauding Punjab National Bank for Rs 6,498.20 crore.”

 

Modi’s extradition to India has already been approved by the High Court of the UK, the CBI added, further stating that the fugitive diamond merchant has applied for the 10th time seeking bail. However, the CBI has defended its case successfully. 

 

Case against Nirav Modi 

In 2018, Punjab National Bank uncovered a fraud, which involved fraudulent Letters of Undertaking (LoUs) worth over Rs 13,000 crore. He fled India before details of his fraud case became public. Soon after, the Enforcement Directorate (ED) registered a case against Nirav Modi, his uncle Mehul Choksi, and others under the Prevention of Money Laundering Act (PMLA), following which searches were carried out and seizures of diamonds, gold, pearls, and precious and semi-precious stones were made.

 

Modi was arrested in London in 2019 by the British authorities. He is the main accused along with his uncle Mehul Choksi in the Punjab National Bank scam.

 

In December 2022, Modi lost his plea to move the UK Supreme Court against his extradition to India.

 

Mehul Choksi arrested 

Previously, on 12 April, Mehul Choksi, another prime suspect in the PNB fraud case, was arrested in Antwerp, Belgium, after the Indian probe agencies requested his extradition. Following the news of his arrest, Ministry of External Affairs spokesperson Randhir Jaiswal stated that the government is working closely with Belgium for his extradition.