Big Win for India and PNB! UK Court Denies Bail to Nirav Modi for the 10th Time
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London, May 16 – A court in the United Kingdom has once again refused bail to Nirav Modi, the main accused in the ₹6,498 crore Punjab National Bank (PNB) fraud case. This is the 10th time that his bail plea has been rejected. The decision was made by the High Court of Justice, King’s Bench Division, London, on Thursday.
Nirav Modi, a fugitive businessman, is facing extradition to India, where he is wanted in connection with one of the biggest banking scams in the country’s history, which came to light in February 2018.
Why Was Bail Denied Again?
According to sources, the UK court agreed with India’s argument that Nirav Modi is a flight risk — meaning that if released on bail, he might escape and avoid trial. Therefore, the court ruled that he should remain in custody.
A team of senior officers from India’s Central Bureau of Investigation (CBI) attended the court hearing to assist the Crown Prosecution Service (CPS), which was representing the Indian government in the UK court.
In a statement, the CBI said:
“The bail request was strongly opposed by the CPS lawyer, who was supported by a strong CBI team, including investigating and legal officers who travelled to London. Their efforts helped ensure that bail was denied.”
Modi’s Extradition Already Approved
Nirav Modi has been in Wandsworth Prison, London, since his arrest on March 19, 2019, after India requested his extradition. The UK courts have already approved his extradition, but the final process is still pending. He has lost all appeals against extradition so far — both in Westminster Magistrates’ Court and the London High Court.
The CBI said that this is his 10th attempt to get bail, and each time, India has successfully blocked it through the UK’s Crown Prosecution Service.
Background: What Is the PNB Scam?
Nirav Modi and his uncle Mehul Choksi are accused of cheating Punjab National Bank by using fake Letters of Undertaking (LOUs). These are bank guarantees used to secure foreign loans. Using these fake LOUs, they allegedly borrowed thousands of crores of rupees from Indian banks without repaying the money.
- Nirav Modi is accused of defrauding banks of about ₹6,498 crore.
- Mehul Choksi is accused of a fraud worth over ₹7,000 crore.
Both left India before the CBI registered cases against them. Since then, the CBI and Enforcement Directorate (ED) have filed several chargesheets.
What About Mehul Choksi?
Meanwhile, Mehul Choksi was recently arrested in Antwerp, Belgium, by local authorities. His first bail plea was rejected. Now, a Belgian court is expected to hear his extradition case on May 17 (Friday).
Sources say that India has sent more evidence to Belgian authorities to support the extradition process. Choksi is also wanted in India for his role in the same PNB scam.
What Happens Next?
While Nirav Modi remains behind bars in the UK, the Indian government continues to push for his extradition so that he can face trial in India. With his bail rejected once again, Indian authorities see this as a positive step in holding him accountable for the massive fraud.
Similarly, all eyes are now on the Belgian court, which will decide the next course of action for Mehul Choksi.
