New Delhi, May 15 The High Court of Justice, King’s Bench Division, in London rejected bail plea of fugitive diamond merchant Nirav Modi who already had made several such futile attempts.
His plea was met with strong opposition from the Crown Prosecution Service, backed by a highly competent team from the Central Bureau of Investigation (CBI), which had dispatched its officers to London specifically for this hearing.
The CBI successfully defended its position, leading to the denial of bail. A fugitive economic offender, he is wanted in India for trial in a massive bank fraud case involving Punjab National Bank, where he allegedly siphoned off Rs 6,498.20 crore.
Modi has been incarcerated in the UK since March 19, 2019.
His extradition has already been approved by the UK High Court in favour of the Indian government.
This marks the tenth time Modi has attempted to secure bail since his arrest, with the CBI consistently opposing his release through the Crown Prosecution Service.
Modi, along with his uncle Mehul Choksi, is accused of designing one of India's largest banking frauds. The duo allegedly exploited fraudulent Letters of Undertaking (LOUs) from a Punjab National Bank branch in Mumbai to divert huge sums from Indian banks.
Investigators claim Modi swindled approximately Rs 6,498 crore, while Choksi allegedly defrauded lenders of over Rs 7,000 crore. Both fled India just before the CBI registered its first case in February 2018.
While Modi remains in a UK prison, legal proceedings are advancing against Choksi in Belgium.
Sources reveal that a court in Antwerp is set to begin hearing India’s extradition request for him on Friday (May 16).
Choksi, detained by Belgian authorities last month, had his initial bail plea denied. Reports indicate that Indian agencies have submitted additional evidence to strengthen the prosecution's case ahead of his next bail hearing.
With judicial processes gaining momentum in both the UK and Belgium, Indian authorities remain optimistic about extraditing both fugitives to face trial.
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