The London High Court of Justice, King's Bench Division, once more denied bail to diamond trader fugitive Nirav Modi, his latest unsuccessful attempt to be released.
His bail petition was firmly opposed by the Crown Prosecution Service, supported by a well-prepared Central Bureau of Investigation (CBI) team. The CBI had deployed officers in London specifically to present their case at the hearing.
The court sided with the prosecution, rejecting Modi’s plea. Modi, classified as a fugitive economic offender, is sought by Indian authorities for his alleged involvement in a massive fraud case connected to Punjab National Bank. He is accused of illegally siphoning off Rs 6,498.20 crore.
Since his arrest in the UK on March 19, 2019, Modi has remained in custody. The UK High Court has already ruled in favour of extraditing him to India to face charges.
This hearing represented Modi’s tenth attempt at bail since his incarceration, with the CBI steadfastly opposing his release via the Crown Prosecution Service.
Modi, along with his uncle Mehul Choksi, is accused of orchestrating India's largest banking scam. The two are accused of availing themselves of Letters of Undertaking (LOUs) from a Mumbai branch of the Punjab National Bank that were fraudulent to transfer humongous sums of money from Indian banks.
Qs placed Modi at a putative Rs 6,498 crore which he is said to have defrauded the lenders of, and Choksi in having defrauded over Rs 7,000 crore. Both had flown out of India just when the CBI had filed the first case in February 2018.
As Modi rots in a British prison, legal action against Choksi is progressing in Belgium. According to sources, an Antwerp court will start taking up India's extradition case for Choksi on May 16.
Choksi, who was picked up by Belgian police last month, has already had his first plea for bail rejected. Indian agencies are said to have made new evidence to bolster the case before his bail hearing next.
With legal cases against both men in the UK and Belgium, Indian authorities hope to get them extradited to stand trial.
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