UK High Court Rejects Nirav Modi’s 10th Bail Plea in PNB Fraud Case

Nirav Modi Case News: Fugitive diamond merchant Nirav Modi’s fresh attempt to secure bail was rejected once again by the High Court of Justice, King’s Bench Division in London, marking the tenth such rejection since his detention in 2019. The Central Bureau of Investigation (CBI) confirmed the development on Thursday, underscoring its continued efforts to bring the accused back to India to face trial.

Modi, who is at the centre of the Rs 6,498 crore Punjab National Bank (PNB) fraud and money laundering case, has been in a UK prison since March 19, 2019. His latest bail plea was firmly opposed by the Crown Prosecution Service (CPS), which represented the Indian authorities in court. A strong team of CBI investigating and legal officers had travelled to London to assist in the hearing.

“The bail arguments were strongly opposed by the Crown Prosecution Service advocate, who was ably assisted by a strong CBI team consisting of investigating and law officers who travelled to London for this purpose,” a CBI spokesperson said in a press statement.

The agency added that it successfully defended the arguments leading to the court’s decision to deny bail. Modi was declared a fugitive economic offender in India under the Fugitive Economic Offenders Act in 2019.

According to the CBI, Modi’s extradition has already been approved by the UK High Court in favour of the Indian government. The Indian authorities are now awaiting the completion of the final procedural steps before he can be brought back to stand trial.

Neerav Modi is accused of orchestrating one of the largest financial frauds in Indian banking history by fraudulently obtaining Letters of Undertaking (LoUs) from PNB to secure overseas credit from other banks, which were never repaid.

His continued detention and the consistent rejection of bail applications are being seen as a significant victory for India’s enforcement agencies in their pursuit of economic fugitives abroad.