In a big blow to Nirav Modi, the UK High Court rejected his fourth bail plea, citing the humongous extent of the alleged $1 billion Punjab National Bank fraud, the Enforcement Directorate (ED) said on Friday.
The ruling, made on Thursday, came after a thorough hearing that considered the defense's arguments along with the prosecution's counterarguments—on behalf of the Indian government—and took on board written submissions from the ED.
The agency pointed to the far-reaching money laundering operations, including the employment of shell companies to channeled tainted proceeds across borders, including into the UK.
The ED added that the High Court's refusal to grant bail to Modi, despite allegations of his poor health, was mainly on account of the seriousness of the offence. Part of the proceeds of the fraud has already been attached by the ED and repatriated to the banks affected.
Nirav Modi was arrested by Scotland Yard on March 19, 2019, after an Indian court had issued a non-bailable warrant and a request for formal arrest had been made to the UK government.
Prior to this recent denial, Modi had applied for bail six times at the Westminster Magistrate Court and three times at the UK High Court but had been turned down each time.
The fourth bail plea was filed on March 21, 2025, with the UK High Court’s King’s Bench Division, challenging a previous ruling by a UK District Judge dated May 7, 2024.
During the proceedings, the Indian government strongly opposed Modi’s release, leading to a favorable outcome against him.
The ED opened the money laundering probe on February 14, 2018, on the basis of a CBI-registered FIR in connection with a Rs 6,498.20 crore (around $1.015 billion) fraud.
In its investigation under the Prevention of Money Laundering Act (PMLA), the ED has seized and attached properties valued at Rs 2,626.62 crore both within India and abroad.
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