New Delhi:
A fresh bail petition filed by fugitive diamond merchant Nirav Modi has been rejected by the High Court of Justice, King’s Bench Division, London, the Central Bureau of Investigation has said. Nirav Modi — one of India’s most wanted in connection with the Punjab National Bank loan fraud case — was arrested on an extradition warrant and has been in a jail in UK since March 2019.
The Central probe agency, in a statement, said the bail arguments were strongly opposed by the Crown Prosecution Service with the help of a CBI team, which had travelled to London.
This was his 10th bail petition. HIs petition has so far been refused as he is considered a huge flight risk. “This case involves, by any footing, a very substantial fraud allegation… not one where bail can be granted and the application is refused,” the judge had said in his order last time.
Nirav Modi has denied any wrongdoing. In his bail petition, he cited potential threats to his life from the Indian government as a reason he would not flee.
His lawyer has cited alleged plots to target Sikh activists in the United States and Canada. India has denied involvement in any such plots.
In 2022, the UK High Court approved Nirav Modi’s extradition to India so he can face the law.
Nirav Modi had skipped India in January 2018, weeks before the PNB scam surfaced. The 55-year-old is accused of siphoning off Rs 6498.20 crore of the total scam amount of Rs 13,000 crore.
Nirav Modi’s uncle Mehul Choksi, who fled along with him, was arrested in Belgium last month over his alleged role in the Punjab National Bank fraud. Choksi also denies any wrongdoing.
There are three sets of criminal proceedings against Nirav Modi in India – the CBI case of fraud on the Punjab National Bank (PNB), the ED case relating to the alleged laundering of the proceeds of that fraud and a third set of criminal proceedings involving alleged interference with evidence and witnesses in the CBI proceedings.
