Nirav Modi's Bail Plea Rejected Again by UK High Court. The court stated that the accused possesses the capacity to flee and ₹5,150 crore remains untraced.
Nirav Modi: The UK High Court has once again firmly rejected the bail plea of Nirav Modi, the prime accused and fugitive diamond merchant in the Punjab National Bank (PNB) scam. The court stated that Nirav Modi still has access to substantial financial resources, posing a significant flight risk.
Investigative Agencies Yet to Trace the Entire Amount
The UK's King's Bench Division, in its 10-page order, clarified that $1,015.35 million was allegedly transferred in the fraud perpetrated by Nirav Modi, of which only $405.75 million has been seized or recovered globally. Approximately $600 million, or about ₹5,150 crore, remains untraceable. This amount highlights Nirav Modi's capacity to flee.
Strong Evidence Against Nirav Modi: Court
The court acknowledged the existence of sufficient prima facie evidence against Nirav Modi. This evidence includes attempts to influence witnesses, destruction of evidence, transfer of dummy directors between countries, and server destruction. The court also mentioned the incident of a computer server being burned in Dubai in March 2018.
'Nirav Will Attempt to Evade Return to India': Judge
The court stated that Nirav Modi faces serious and substantial economic crime charges in India. Therefore, he has a b incentive to avoid returning to India. The court believed he would make every effort to avoid extradition.
Diamond Holdings Limited and Suspicious Financial Strength
The court also mentioned Diamond Holdings Limited, the company where Nirav Modi served as CEO. This company offered millions of pounds for Nirav Modi's bail. Between March 2019 and November 2019, it offered £0.5 million, £1 million, £2 million, and £4 million respectively, raising further suspicion about its financial standing in the court's eyes.
Nirav Modi Has Been Imprisoned Since 2019
Nirav Modi was arrested in London in March 2019. He has been imprisoned in the UK since then and has consistently sought bail. The Indian government has requested his extradition, and in 2021, the then UK Home Secretary Priti Patel approved the extradition. However, Nirav Modi has repeatedly appealed to UK courts to overturn this order.
Indian Agencies Continuously Presenting Evidence
Indian agencies such as the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) have consistently demonstrated to the UK court that b evidence exists against Nirav Modi for serious economic crimes and that his return to India is necessary. This is why his bail pleas have been repeatedly rejected.
Court's Final Decision: No Relief
The court concluded, "Considering all facts and circumstances, I have reached the conclusion that bail cannot be granted to Nirav Modi in this case. The bail application is dismissed."
