High Court Upholds Nirav Modi Bail Rejection Amidst PNB Fraud Case
The High Court of Justice in London dismissed a bail application filed by Nirav Modi, wanted in India for the Punjab National Bank fraud case. Modi, along with his uncle Mehul Choksi, allegedly siphoned over Rs 13,000 crore using fraudulent banking instruments. His extradition to India has been approved.
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On Thursday, the High Court of Justice in London denied diamantaire Nirav Modi's new bail plea. Modi is held in a UK prison over involvement in the Rs 13,000 crore Punjab National Bank fraud case, orchestrated alongside his uncle, Mehul Choksi. The court's decision brings him closer to extradition to India.
The bail arguments faced robust opposition from the Crown Prosecution Service, backed by the Central Bureau of Investigation (CBI) team present in London. Modi, detained since March 2019, was accused of embezzling a significant portion of the scam's total amount. The UK court previously approved his extradition.
Modi's request marked his tenth failed attempt at securing bail. Meanwhile, Choksi was apprehended in Belgium. Their fraudulent scheme involved utilizing unauthorized banking instruments issued by PNB officials without proper authorization, forcing PNB to cover payments to overseas banks when defaults occurred, as per the CBI.
(With inputs from agencies.)
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