New Delhi/London: The London High Court on Thursday rejected a new bail application filed by Diamantaire Nirav Modi, who has been in the UK for more than six years in the UK while fighting his extradition to face the Indian court’s fraud case in the 13,000 crore Punjab National Bank (PNB) that he was accused of planning with his uncle Mehul Choksi.
The 54-year-old legal counsel advocated bail on the “pass of time” and the adverse effects on his health at the London prison.
However, Judge Michael Fordham ruled in the Crown Court that Nirav is still a risk to flight and continues to have funds to deal with it to affect his case.
“The new bail petition filed by Nirav Deepak Modi was rejected by the High Court of the King’s Foundation in London on Thursday. The bail debate was strongly opposed by the Crown Prosecution Service (CPS) advocates, who was assisted by a strong CBI team in London for this purpose, which was declared the Central Commission for Commissioner (CBI) by the investigation and London for this purpose.
Three sets of criminal proceedings against NIRAV in India – CBI case of the National Bank of Punjab (PNB), ED cases related to cases suspected of looting the fraudulent income and a third set of criminal proceedings involving evidence and witnesses suspected of interfering with CBI lawsuits.
He was arrested on March 19, 2019 for an extradition order, and then British Home Secretary Priti Patel ordered extradition in April 2021.
Nirav has since exhausted the legal appeal in the case until the Supreme Court of London and filed several bail applications, a year ago he made his last attempt at the Westminster District Court in London in May 2024.
Earlier this year, his video link from Thameside Prison appeared at another London High Court hearing, demanding a stay at the Indian bank to repay a loan that owed $8 million with a Dubai-mergered company he contacted.
“He appears on the result of the remand on the “Notice Process” process, which is likely to take place later in 2026.
This is believed to refer to an asylum application in the UK, but so far there have been indirect and tangential references in the UK courts.
Since March 2019, Nirav has been accused of revoking a Rs 64,982 billion scam in prison in London.
The CBI statement said his extradition had been approved by the British High Court to support the Indian government.
“This is his 10th bail petition since he was detained in the UK, which successfully defended the CBI through the Crown Prosecution Service in London,” the agency said.
It said Niraf’s uncle, Mehul Choksi, was a defendant in the PNB fraud case, who was arrested by Belgian authorities where he went to treatment.
The duo are accused of using fraudulent business and foreign letters of credit to revoke Rs 1.3 crore from PNB.
Officials at the PNB’s Brady House branch in Mumbai sent letters of commitment (LOUS) and foreign letters of credit (FLC) to their companies without any approved limits or cash profits, without any review involving defaults in the bank’s central system.
Luce is a guarantee provided by the bank to foreign banks on behalf of its clients. If the client does not repay the foreign bank, the liability will fall on the guaranteed bank.
According to the LOU issued by PNB, Mauritius SBI borrowed money. Allahabad Bank, Hong Kong; Axis Bank, Hong Kong; Bank of India, Antwerp; MAMANA CANARA BANK; and SBI, Frankfurt.
As the defendant company did not repay the amounts obtained for the above-mentioned fraudulent Lous and FLCS, the PNB handed over payments including overdue interest to the overseas bank, which improved the buyer’s credibility and discounted the fraudulent Lous and FLC alleged by the CBI for the fraudulent Lous and FLC issued by the PNB.
