a decisive move, a UK court has once again denied fugitive diamantaire Nirav Modi bail, marking the tenth time his request has been rejected. Modi, who is the prime accused in the over Rs 13,800 crore fraud at Punjab National Bank, has been deemed a flight risk by the court.
The Westminster Magistrates’ Court in London ruled that Nirav Modi, if released on bail, would “abscond” and evade the ongoing legal proceedings against him. The court cited Modi’s “substantial financial means” and his ability to “abscond from justice” as key factors in denying him bail.
Nirav Modi, who has been behind bars since his arrest in March 2019, has repeatedly attempted to secure bail, only to be denied each time. The court has expressed concerns over the fugitive’s access to substantial resources and his potential to flee the country, given the gravity of the charges he faces.
The PNB fraud, which is one of the largest banking scams in India’s history, has gripped the nation and the international community. Nirav Modi, along with his uncle Mehul Choksi, are accused of defrauding the bank through the issuance of fraudulent letters of undertaking (LoUs) and letters of credit (LCs).
The Indian government has been actively pursuing the extradition of Nirav Modi from the UK, with the latest hearing in the case scheduled for September. Authorities have outlined a strong case against Modi, detailing the complex web of shell companies and offshore entities used to siphon off funds from the bank.
Despite the legal challenges, Nirav Modi’s legal team has continued to argue for his release on bail, citing his deteriorating health and the COVID-19 pandemic as grounds for his release. However, the UK court has remained steadfast in its decision, citing the risk of Modi’s potential flight from justice.
The ongoing case serves as a stark reminder of the global reach of financial crimes and the importance of cross-border cooperation in bringing perpetrators to justice. As the legal battle continues, the fate of Nirav Modi hangs in the balance, with the Indian government determined to secure his extradition and hold him accountable for the massive fraud that has shaken the country’s banking sector.
