Fugitive businessman Nirav Modi, who has been in a London prison for over five years, on Tuesday filed a new bail application which was rejected by a UK judge who ruled that he continued to pose a "substantial risk" of absconding justice.
Declared a 'fugitive economic offender' in December 2019, Nirav Modi and his uncle Mehul Choksi are accused of committing a Rs 14,000 crore scam by obtaining credit facilities fraudulently from the Punjab National Bank and are wanted in India.
The 52-year-old diamond merchant, who lost his extradition battle to face fraud and money laundering charges in India, did not appear for the bail hearing at Westminster Magistrates Court in London but his son and two daughters were present on his behalf.
"I am satisfied that there remain substantial grounds against bail. There continues to be a real, substantial risk that the applicant [Nirav Modi] would fail to attend court or interfere with witnesses," Judge Zani was quoted saying in his judgment after a short hearing.
"This case involves, by any footing, a very substantial fraud allegation... not one where bail can be granted and the application is refused," he said.
A joint Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) team had arrived from India for the hearing and followed the proceedings in court.
There are three sets of criminal proceedings against Nirav Modi in India - the CBI case of fraud on the Punjab National Bank (PNB), the ED case relating to the alleged laundering of the proceeds of that fraud and a third set of criminal proceedings involving alleged interference with evidence and witnesses in the CBI proceedings.
He was arrested on an extradition warrant on March 19, 2019, and then UK Home Secretary Priti Patel ordered his extradition in April 2021. The businessman has since exhausted his legal appeals in the case up to the Supreme Court and made six separate bail applications, offering up to GBP 4 million as security in his last attempt in October 2020.
(With PTI inputs)
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