The High Court of Justice, King’s Bench Division in London, has once again denied fugitive diamond businessman Nirav Modis latest request for bail, according to a report by PTI on Thursday (local time). Nirav Modi, accused in the ₹6,498.20 crore Punjab National Bank (PNB) fraud case, has been in custody in the UK since March 2019. In a statement, the Central Bureau of Investigation (CBI) confirmed the bail application was turned down, noting that the Crown Prosecution Service—assisted by a dedicated CBI team of investigators and legal officers who traveled to London—vigorously opposed the plea.

The CBI emphasized that its team successfully countered the arguments presented during the hearing, resulting in the denial of bail. It reiterated that Nirav Modi has remained in a UK prison since March 19, 2019, and is officially classified as a fugitive economic offender wanted in India for defrauding PNB of ₹6,498.20 crore. His extradition to India has already been approved by the UK High Court, and this marks the 10th time he has sought bail.

Background of the case: In 2018, Punjab National Bank revealed a massive fraud involving fraudulent Letters of Undertaking (LoUs) totaling over ₹13,000 crore. Nirav Modi fled India shortly before the scam came to light. The Enforcement Directorate (ED) subsequently filed a case against him, his uncle Mehul Choksi, and others under the Prevention of Money Laundering Act (PMLA), which led to raids and the seizure of valuables including diamonds, gold, and precious stones.

Nirav Modi was arrested by UK authorities in 2019 and is one of the main accused in the PNB scam, alongside Choksi. In December 2022, he lost his legal challenge to prevent extradition to India via the UK Supreme Court. Meanwhile, Mehul Choksi was arrested on April 12 in Antwerp, Belgium, following an extradition request by Indian investigative agencies. The Ministry of External Affairs confirmed it is in close coordination with Belgian authorities to bring him back to India.

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