Nirav Modi Bail Plea: The Excessive Courtroom of Justice, King’s Bench Division, immediately rejected yet one more bail petition filed by Nirav Deepak Modi, the fugitive Indian diamantaire wished in a high-profile PNB fraud case. This marks the tenth unsuccessful try by Modi to safe bail since his arrest in the UK in March 2019.
The Central Bureau of Investigation (CBI) confirmed the event, stating that the bail plea was vigorously opposed by the Crown Prosecution Service (CPS) in London, with sturdy authorized backing from a CBI crew comprising investigating and authorized officers who had travelled to the UK for the listening to.
Nirav Modi has been incarcerated in a UK jail since March 19, 2019, pending extradition to India the place he faces trial for defrauding Punjab Nationwide Financial institution (PNB) of Rs 6,498.20 crore. He has been formally declared a fugitive financial offender by Indian authorities.
The CBI famous that the UK Excessive Courtroom has already accepted Modi’s extradition in favour of the Authorities of India, a serious milestone within the years-long authorized battle to carry him again to face fees.
“It could be recalled that Neerav Modi is a fugitive financial offender who is needed for Trial in India in a Financial institution fraud case of CBI for defrauding Punjab Nationwide Financial institution for Rs. 6498.20 crore. His extradition has already been accepted by the Excessive Courtroom of the UK in favour of the Authorities of India. That is his tenth bail petition since his detention in UK which was efficiently defended by CBI by means of Crown Prosecution Service, London,” mentioned the Central Bureau of Investigation.
Nirav Modi and his uncle Mehul Choksi are the principle accused within the PNB rip-off. The Enforcement Directorate (ED) had in 2018 registered a Prevention of Cash Laundering Act (PMLA) case towards Nirav Modi, Mehul Choksi and others within the Punjab Nationwide Financial institution (PNB) fraud case. Through the investigation, a number of searches have been carried out which led to the seizure of diamonds, gold, pearls and valuable and semi-precious stones.