The bail plea of fugitive businessman Nirav Modi, the main accused in the PNB scam case, has been rejected by a UK court, according to ED sources. Despite filing a bail application on April 16 for the fifth time, citing prolonged incarceration, the Westminster Magistrate’s Court dismissed it during Tuesday’s hearing.
India has been actively pursuing the extradition of Nirav Modi since his arrest in March 2019 by British authorities in London. The Enforcement Directorate had requested his extradition in connection with the money laundering case, leading to the issuance of an arrest warrant against him.
Nirav Modi, along with his uncle Mehul Choksi, stands accused in the PNB scam, which rocked the Indian banking sector. The Enforcement Directorate (ED) initiated a Prevention of Money Laundering Act (PMLA) case against them in 2018, following revelations of fraudulent activities at Punjab National Bank (PNB).
The investigation into the scam involved several searches, resulting in the seizure of valuable assets including diamonds, gold, pearls, and precious stones. Despite legal efforts, Nirav Modi’s plea to appeal against his extradition to India was rejected by the UK Supreme Court in December 2022, confirming the allegations of fraud and money laundering against him.
Having fled India in 2018 before the scandal became public, Nirav Modi’s continued detention underscores the ongoing efforts to bring him to justice for his alleged involvement in the large-scale fraud at Punjab National Bank.