Hat trick rejection for Nirav Modi's bail

London, May 9: It’s a hat trick but for rejection as a UK court has denied bail to Nirav Modi for the third time, saying the fugitive diamond merchant who is the main accused in the Punjab National Bank fraud and money laundering case amounting to up to 2 billion US Dollars would fail to surrender.

 

Nirav appeared before Westminster Magistrates Court Chief Magistrate Emma Arbuthnot on Wednesday. His counsel doubled the bail security to 2 million pounds and offered he would stay on 24-hour curfew at his London flat. However, the judge was not convinced.

Earlier, the Crown Prosecution Service, arguing on behalf of Indian authorities, said Nirav should not be granted bail as the evidence presented by the defence does not amount to change of circumstances required to third bail application.

Nirav Modi and his uncle, Mehul Choksi, are the main accused in the PNB scam and they both left India before the details of the fraud came to light in January 2018. He is wanted by India in relation to the 13,500-crore rupees PNB fraud case.

Judge Emma Arbuthnot ruled that even though Modi was willing to double his proposed security to 2 million pounds ($2.6 million), the risk of interfering with witnesses and destroying evidence remained too high. He had also only moved to the U.K. in 2017, so lacked the kind of community ties that would make him more likely to stay while he awaits a decision on whether he should be extradited to India, Arbuthnot said Wednesday.