Nirav Modi's Latest Bail Application Denied by UK High Court
Fugitive diamond trader Nirav Modi had another legal setback on Thursday, May 15th, as the High Court of Justice in London rejected his most recent bail application. This decision marks the tenth unsuccessful attempt by Modi to secure release from UK custody since his detention in 2019 in connection with the estimated ₹6,000 crore Punjab National Bank (PNB) fraud case.
UK Court Denies Bail
The bail arguments presented by Modi's legal team were vigorously opposed by the Crown Prosecution Service, acting on behalf of Indian authorities. A dedicated team from India's Central Bureau of Investigation (CBI), comprising investigating and law officers were present in London to assist in successfully countering the bail plea. Opposition from Indian agencies has been a key factor in the repeated denial of bail to Modi, who is wanted for trial in India as a fugitive economic offender.
Extradition Approved
Modi has been imprisoned in the United Kingdom since his arrest in March 2019. His extradition to India – to face charges related to the PNB fraud has already received approval from the UK High Court. Parallel to the extradition proceedings, Indian authorities have been actively pursuing the recovery of assets allegedly procured through the fraud. Union Finance Minister Nirmala Sitharaman had revealed in December 2024 that properties valued at ₹1,052.58 crore linked to the Nirav Modi case had been returned to public and private sector banks. This is in addition to assets worth approximately ₹2,596 crore previously attached by the Enforcement Directorate (ED) both in India and internationally, and further assets worth ₹692.90 crore confiscated by a Special Court in Mumbai under the Fugitive Economic Offenders Act, 2018.
Nirav Modi's continued detention in the UK, and the latest bail rejection, reflects the sustained efforts by Indian investigative and legal agencies to ensure his accountability in the PNB fraud case. While his extradition process is confirmed, efforts to recover assets and bring him to trial in India remain a priority for the authorities.
