Nirav Modi Bail Plea: The High Court of Justice, King’s Bench Division, today rejected yet another bail petition filed by Nirav Deepak Modi, the fugitive Indian diamantaire wanted in a high-profile PNB fraud case. This marks the tenth unsuccessful attempt by Modi to secure bail since his arrest in the United Kingdom in March 2019.

The Central Bureau of Investigation (CBI) confirmed the development, stating that the bail plea was vigorously opposed by the Crown Prosecution Service (CPS) in London, with strong legal backing from a CBI team comprising investigating and legal officers who had travelled to the UK for the hearing.

Nirav Modi has been incarcerated in a UK prison since March 19, 2019, pending extradition to India where he faces trial for defrauding Punjab National Bank (PNB) of Rs 6,498.20 crore. He has been officially declared a fugitive economic offender by Indian authorities.

The CBI noted that the UK High Court has already approved Modi’s extradition in favour of the Government of India, a major milestone in the years-long legal battle to bring him back to face charges.

“It may be recalled that Neerav Modi is a fugitive economic offender who is wanted for Trial in India in a Bank fraud case of CBI for defrauding Punjab National Bank for Rs. 6498.20 crore. His extradition has already been approved by the High Court of the UK in favour of the Government of India. This is his 10th bail petition since his detention in UK which was successfully defended by CBI through Crown Prosecution Service, London,” said the Central Bureau of Investigation.

Nirav Modi and his uncle Mehul Choksi are the main accused in the PNB scam. The Enforcement Directorate (ED) had in 2018 registered a Prevention of Money Laundering Act (PMLA) case against Nirav Modi, Mehul Choksi and others in the Punjab National Bank (PNB) fraud case. During the investigation, several searches were conducted which led to the seizure of diamonds, gold, pearls and precious and semi-precious stones.