Nirav Modi Bail Plea Rejected Again: ‘UK Courts Twice Concluded That…’

The UK High Court has rejected the bail plea of ​​fugitive diamond merchant and prime accused in the Punjab National Bank (PNB) Rs 13000 crore fraud case, Nirav Modi. Rejecting the bail plea, the court said that the Indian investigating agencies have not yet found the amount of fraud committed by Nirav.

A copy of the court's decision in which Nirav Modi was denied bail. In its detailed ten-page order, the court has mentioned several important points on the basis of which the judge refused to grant bail to the fugitive businessman.

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The UK Justice King's Bench Division court said in its decision that the amount of $ 600 million (about Rs 5,150 crore) defrauded by Nirav Modi has not yet been traced by Indian investigative agencies.

Accused wants to avoid returning to India'

In the court's order, the judge said, 'The most important issue is that the applicant (Nirav Modi) has a strong incentive to avoid returning to India. He will try to avoid extradition by Indian agencies in every possible way. This incentive arises from the following facts: He is wanted in India to face trial in a very serious and major economic crime case, in which he is said to be the main culprit. Its seriousness lies in three aspects: (i) the nature of the crime, (ii) his role, and (iii) the possible punishment.'

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'Nirav has immense wealth'

The court has also mentioned a company called Diamond Holdings Limited in the order, whose CEO Nirav Modi was appointed, where he received a salary of 20 thousand pounds every month. Later this company offered an number of millions of pounds for bail.

The court raised questions on why the company offered 0.5 million pounds in March 2019, then 1 million pounds 9 days later, 2 million pounds in May 2019 and 4 million pounds in November 2019. The judge said that this gearchange shows the huge financial resources available to Nirav Modi.

'I refuse to grant bail'

The judge said in his decision that taking into account all the considerations and reasons, I refuse to grant him (Nirav Modi) bail in this case and am rejecting the bail application in this case.

Nirav is in jail since 2019

Let us tell you that Nirav Modi was arrested in the UK in the year 2019 and since then Indian authorities are trying to extradite him to India. In the year 2021, the then Home Secretary of the UK, Priti Patel, approved the extradition of Nirav Modi to India.

Summary

Since then, Nirav Modi has tried on several occasions to get bail from the UK courts, but he has failed, as Indian agencies Enforcement Directorate (ED) and CBI (Central Bureau of Investigation) are presenting evidence collected against Modi in the court during the proceedings while opposing his bail.