UK Court Denies Nirav Modi's 10th Bail Request Amidst $1 Billion PNB Fraud Case

The UK High Court has again rejected bail for Nirav Modi, who stands accused in the $1 billion Punjab National Bank fraud. The decision on Thursday, May 15, marks his tenth unsuccessful attempt to secure release since his arrest in 2019.

An official statement from the Enforcement Directorate on X (formerly Twitter) detailed the court's dismissal of Modi's fourth bail plea. It highlighted the court's consideration of money laundering charges against Modi and the confiscation of fraudulent assets, affirming the UK's commitment to hold him accountable.

The Central Bureau of Investigation also issued a statement, underscoring the prosecution's strong opposition to Modi's petition. The CBI affirmed their dedication with a specialized team sent to London to assist the Crown Prosecution Service in the case, keeping the fugitive in custody since his arrest.

(With inputs from agencies.)