- विज्ञापन -
London: The UK High Court has denied bail to Nirav Modi, the prime suspect in the USD 1 billion Punjab National Bank fraud case, during a hearing on Thursday, May 15. This is the tenth time Modi has failed to secure bail since his detention in 2019.
The Enforcement Directorate (ED), representing the Indian government, confirmed through a post on X (formerly Twitter) that the High Court in the UK rejected Modi’s latest bail application. The post stated that, after thorough examination of the defense’s arguments, the prosecution’s rebuttals, written submissions highlighting money laundering through shell companies, and the fact that some proceeds had already been confiscated and returned to the victim banks, the court dismissed the bail request.
Earlier in the week, the Central Bureau of Investigation (CBI) also issued a statement confirming that his bail was rejected by the London-based King’s Bench Division. The CBI noted that the bail application was strongly opposed by the Crown Prosecution Service (CPS), with support from a dedicated CBI team that traveled to London for the hearing. The CBI highlighted that their arguments were successfully defended, resulting in the rejection.
Nirav Modi, a fugitive economic offender, has been in UK custody since March 2019, with his extradition already approved by the UK High Court. He faces charges under the Prevention of Money Laundering Act (PMLA), and multiple assets have been seized by authorities as part of ongoing investigations. Despite attempts to block his extradition, including a petition to the UK Supreme Court in December 2022, all efforts have failed.
Modi’s legal attempts to gain bail have now reached ten, all of which have been successfully contested by Indian authorities.
