Nirav Modi's Bail Plea Again Rejected by UK Court
Moneylife Digital Team 16 May 2025
Fugitive diamond merchant Nirav Modi's troubles have deepened once again, as a UK court on Thursday rejected his fresh bail petition. Mr Modi has been in a London prison for nearly six years after losing his extradition battle to face fraud and money laundering charges in India.
  
The bail plea was strongly opposed by the Crown Prosecution Service, which was assisted by a strong team from India's Central Bureau of Investigation.
  
Nirav Modi has been in a UK prison since 19 March 2019. His extradition has already been approved by the High Court of the UK in favor of the Indian government. This was his 10th bail application.
  
Nirav Modi is a fugitive economic offender wanted for trial in India in a bank fraud case being investigated by central bureau of investigation (CBI), involving the defrauding of Punjab National Bank (PNB) of Rs6,498.20 crore.
 
Mr Modi, a regular on the lists of rich and famous Indians since 2013, along with his group companies -- Diamond R US, Stellar Diamond and Solar Exports, and uncle and business partner Mehul Choksi and others have been named in the huge scam, admitted by the PNB in February 2018 and leading to a massive upheaval in the country's banking system.
 
Nirav Modi, his wife, his brother and Mr Choksi fled the country before the PNB complained against their companies, saying it had been cheated through fraudulent issue of letters of undertakings and foreign letters of credit.
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