UK Court Denies Nirav Modi's Bail Request for the Tenth Time

UK High Court Rejects Bail Application

On May 15, the UK High Court firmly dismissed the tenth bail application of fugitive diamond trader Nirav Modi. Justice Michael Fordham delivered the ruling at the Royal Courts of Justice in London, highlighting that there is substantial evidence against Modi and expressing significant concerns regarding the risk of him fleeing. In rejecting the application, Justice Fordham reiterated, "After careful evaluation, UK courts have concluded twice that there is a prima facie case against the applicant based on the evidence presented." The court further noted that Modi faces serious and concrete allegations related to a ₹13,800 crore scam involving Punjab National Bank, making him a key suspect in India's largest banking fraud.

Background on Nirav Modi

The 54-year-old businessman has been in UK custody since his arrest in March 2019. The Indian government, along with the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED), is seeking his extradition for allegedly defrauding PNB using forged letters of undertaking issued to foreign banks. Indian agencies opposed Modi's bail plea in the London High Court, marking this as his tenth attempt since his detention in the UK in 2019.

Who is Nirav Modi?

Nirav Modi is the main accused in a fraud case exceeding ₹13,800 crore involving Punjab National Bank. In December 2019, India declared him a fugitive economic offender. The ED initiated a case against him and his uncle Mehul Choksi under the Prevention of Money Laundering Act (PMLA) in 2018, leading to the seizure of several assets during the investigation.

Failed Extradition Attempts

His attempts to prevent extradition have repeatedly failed, including a petition submitted to the UK Supreme Court in December 2022. British authorities arrested Modi in March 2019, and the UK High Court has already approved his extradition to India. The court stated that there is a 'prima facie case' against him, indicating that he is wanted in India for serious and substantive charges related to economic crimes.