UK High Court Rejects Fugitive Diamantaire Nirav Modi's Fresh Bail Plea
The High Court in London denied a new bail application from fugitive diamantaire Nirav Modi, who is contesting extradition to India for the ₹13,000 crore Punjab National Bank (PNB) fraud. Modi has been in UK prison for over six years. This ruling is a setback for Modi and a positive development for Indian authorities seeking his return to face charges of money laundering and fraud in the large-scale banking scam.
Unpacked:
Nirav Modi’s bail has been denied repeatedly due to concerns that he poses a flight risk and may interfere with witnesses if released. The court noted substantial grounds to believe he would fail to surrender and could obstruct justice, given the seriousness of the charges and his resources.
Nirav Modi is accused of orchestrating a massive fraud at Punjab National Bank (PNB), siphoning off around $2 billion (₹13,000 crore) through fraudulent letters of undertaking and money laundering. The scam is considered one of India's largest banking frauds.
Nirav Modi's extradition has already been approved by both the UK High Court and the UK government in 2021. Indian authorities are awaiting the completion of further legal processes before he can be sent back to India to face trial.
Nirav Modi has been held in UK prison since his arrest in March 2019—over six years. His prolonged detention is noteworthy because his defense argues it is disproportionate, especially since several co-accused in India have received bail, but courts maintain the risk posed by his release is too high.