A UK court on Thursday rejected a fresh bail application filed by fugitive diamond merchant Nirav Modi, who has been lodged in a London prison for nearly six years after losing a high-profile extradition battle to face charges of fraud and money laundering in India.
According to officials cited by PTI, the High Court of Justice, King’s Bench Division in London, turned down Nirav Modi’s latest bail plea. The Central Bureau of Investigation (CBI) confirmed the development, stating that the bail was “strongly opposed” by the Crown Prosecution Service (CPS), which was supported by a dedicated CBI team comprising investigators and legal officers who had travelled to London for the hearing.
Nirav Modi is the key accused in the ₹13,850 crore Punjab National Bank (PNB) scam, one of India’s largest banking frauds. He was declared a fugitive economic offender by an Indian court in December 2019. He was arrested in the UK on March 19, 2019, following an extradition warrant and has since been fighting multiple legal battles to avoid being sent back to India.
In April 2021, then UK Home Secretary Priti Patel approved Modi’s extradition to India. However, Modi’s legal team pursued several appeals, including to the UK Supreme Court, all of which have been rejected. The latest bail attempt, the most recent since May 2023, was again denied due to concerns over his “real and substantial” flight risk.
Modi, along with his uncle Mehul Choksi, is accused of using fraudulent Letters of Undertaking (LoUs) from PNB to secure overseas loans without proper collateral, effectively defrauding the bank of billions of rupees. Both have consistently denied the charges.
The Indian authorities have launched three separate criminal cases against Modi:
- CBI Case – For fraud involving PNB.
- Enforcement Directorate (ED) Case – For laundering the proceeds of the fraud.
- Interference Case – For alleged tampering with evidence and attempting to influence witnesses in the CBI probe.
The rejection of Nirav Modi’s bail reaffirms the UK court’s stance on the severity of the charges and the risk of him fleeing justice. With extradition approved and all appeals exhausted, Indian authorities remain hopeful that he will soon be returned to face trial.
Sources By Agencies
