Nirav Modi Suffers Big Setback As UK Court Rejects His Fresh Bail Plea

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Last Updated:May 15, 2025, 23:30 IST

Nirav Modi, who has been facing fraud and wealth laundering charges successful India, has been successful situation successful London for astir six years aft losing his extradition battle.

Fugitive diamantaire Nirav Modi

In a large setback for fugitive Indian diamond merchant and businessman Nirav Deepak Modi, his latest bail petition was rejected by London High Court, Central Bureau of Investigation (CBI) said connected Thursday.

Modi, who has been facing fraud and wealth laundering charges successful India, has been successful situation successful London for astir six years aft losing his extradition battle.

The probe bureau said that the bail petition has been rejected by the High Court of Justice, King’s Bench Division, London. It said that the bail arguments were powerfully opposed by the Crown Prosecution Service with the assistance of a CBI squad which had travelled to London.

“Fresh bail petition filed by Nirav Deepak Modi was rejected Thursday by the High Court of Justice, King’s Bench Division, London. The bail arguments were powerfully opposed by the Crown Prosecution Service advocate, who was ably assisted by a beardown CBI squad consisting of investigating and instrumentality officers who travelled to London for this purpose," the probe bureau said successful a statement.

Nirav Modi —  one of India’s astir wanted successful transportation with the Rs. 6498.20 crore Punjab National Bank indebtedness fraud lawsuit — has been successful a jailhouse successful UK since March 2019. This was his 10th bail petition.

“This was his 10th bail petition since his detention successful the UK, which was successfully defended by the CBI done the Crown Prosecution Service, London," the probe bureau said.

The UK High Court has already approved his extradition to India successful the favour of the Indian authorities truthful helium tin look the law.

Nirav Modi’s uncle Mehul Choksi, a co-accused successful the PNB fraud case, was past period arrested by the authorities successful Belgium wherever helium had gone for treatment.

Charges Against Nirav Modi

Nirav Modi had fled India successful January 2018, weeks earlier the PNB scam surfaced and has been successful a UK jailhouse since March 2019.

The 55-year-old diamond merchant on with his uncle has been accused of siphoning disconnected implicit Rs 13,000 crore from the PNB utilizing fraudulent letters of undertaking and overseas letters of credit.

Officials astatine PNB’s Brady House subdivision successful Mumbai issued letters of undertaking (LoUs) and overseas letters of recognition (FLCs) to their firms without immoderate sanctioned bounds oregon currency borderline and without making entries successful the bank’s cardinal strategy to evade immoderate scrutiny successful lawsuit of a default.

Based connected the LoUs issued by the PNB, wealth was lent by the SBI, Mauritius; Allahabad Bank, Hong Kong; Axis Bank, Hong Kong; Bank of India, Antwerp; Canara Bank, Mamana; and SBI, Frankfurt.

Since the accused companies did not repay the magnitude availed against the said fraudulent LoUs and FLCs, PNB made the payments, including the overdue interest, to the overseas banks, which precocious buyer’s recognition and discounted the bills against the fraudulent LoUs and FLCs issued by the PNB, the CBI alleged.

Nirav Modi was declared a fugitive economical offender by a Mumbai tribunal successful 2020 and the tribunal had ordered confiscation of his assets.

In September 2024, the Enforcement Directorate (ED)  attached “proceeds of crime" successful the signifier of immovable properties and slope balances amounting to Rs 29.75 crore successful the case.

The ED had initiated a probe connected the ground of the archetypal accusation study (FIR) registered by the CBI nether assorted sections of IPC, Prevention of Corruption Act, 1988 successful the lawsuit of slope fraud.

Location :

London, United Kingdom (UK)

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News world Nirav Modi Suffers Big Setback As UK Court Rejects His Fresh Bail Plea