Nirav Modi, the Indian diamond businessman accused in the Rs. 6,500 crore Punjab National Bank (PNB) scam, has been denied bail for the 10th time by a UK court. The High Court of Justice, King’s Bench Division in London rejected his latest bail plea on Wednesday.
Nirav Modi has been in a UK jail since March 2019, after being arrested in connection with a large bank fraud case in India. Indian authorities want him for cheating Punjab National Bank by using fake guarantees to get loans from overseas banks.
Read More: CBIC Issues Updated Formats for Arrest and Incident Reporting in Customs Cases [Read Format]
The Central Bureau of Investigation (CBI), along with the Crown Prosecution Service (CPS) in the UK, strongly opposed his bail application. A team of CBI officers traveled to London to help defend the case. The court accepted their arguments, saying that Nirav Modi could try to escape again if released.
This is the 10th time Nirav Modi has asked for bail since his arrest, and each time, the court has turned him down.
Law Simplified with Tables, Charts & Illustrations – Easy to Understand – Click here
Nirav Modi is accused of being the mastermind behind one of India’s biggest banking scams. Between 2011 and 2018, he allegedly worked with some bank officials to get fake Letters of Undertaking (LoUs) from PNB, which were then used to borrow money from other banks around the world. The total amount of the scam is said to be Rs. 6,498.20 crore.
Read More: Stricter FEMA Regulations: Implications for Individuals and Entities in 2025
After the scam came to light in 2018, Nirav Modi fled India. He was later found in the UK and arrested in March 2019. Since then, he has been in prison while fighting extradition to India.
In 2022, a UK court approved his extradition to India, but Nirav Modi has continued to file appeals to stop it.
With this latest bail rejection, Nirav Modi will stay in jail in the UK. The Indian government is still working to bring him back to face trial. The CBI has welcomed the court’s decision and said it remains committed to getting justice in the case.
Nirav Modi was once known for his high-end jewelry brand and celebrity clients. Today, he is one of India’s most high-profile economic offenders.
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
