Nirav Modi's Bail Plea Again Rejected by UK Court
Moneylife Digital Team 16 May 2025
Fugitive diamond merchant Nirav Modi's troubles have deepened once again, as a UK court on Thursday rejected his fresh bail petition. Mr Modi has been in a London prison for nearly six years after losing his extradition battle to face fraud and money laundering charges in India.
  
The bail plea was strongly opposed by the Crown Prosecution Service, which was assisted by a strong team from India's Central Bureau of Investigation.
  
Nirav Modi has been in a UK prison since 19 March 2019. His extradition has already been approved by the High Court of the UK in favor of the Indian government. This was his 10th bail application.
  
Nirav Modi is a fugitive economic offender wanted for trial in India in a bank fraud case being investigated by central bureau of investigation (CBI), involving the defrauding of Punjab National Bank (PNB) of Rs6,498.20 crore.
 
Mr Modi, a regular on the lists of rich and famous Indians since 2013, along with his group companies -- Diamond R US, Stellar Diamond and Solar Exports, and uncle and business partner Mehul Choksi and others have been named in the huge scam, admitted by the PNB in February 2018 and leading to a massive upheaval in the country's banking system.
 
Nirav Modi, his wife, his brother and Mr Choksi fled the country before the PNB complained against their companies, saying it had been cheated through fraudulent issue of letters of undertakings and foreign letters of credit.
Comments
Rs32 Crore Seized in Vasai-Virar Illegal Construction Scam Linked to 41 Buildings
Moneylife Digital Team 15 May 2025
The Mumbai zonal office (II) of the directorate of enforcement (ED) has seized over Rs32 crore in unaccounted assets, including Rs9.04 crore cash and Rs23.25 crore in diamond-studded jewellery and bullion, following raids at 13...
Dnyanradha Credit Society Scam: ED Attaches Assets Worth Rs188.41 Crore from Kute Group
Moneylife Digital Team 12 May 2025
The Mumbai zonal office of the directorate of enforcement (ED) has provisionally attached immovable and movable assets worth about Rs88.41 crore in connection with its investigation into the Dnyanradha Multistate Co-operative Credit...
WTC Real Estate Fraud: ED Attaches Assets Worth Rs2,348 Crore
Moneylife Digital Team 06 May 2025
The Gurugram zonal office of the directorate of enforcement (ED) has provisionally attached immovable properties worth Rs2,348 crore in connection with a large-scale real estate fraud involving WTC Faridabad Infrastructure Pvt Ltd and...
Goldenland Scam: ED Freezes Rs1,428 Crore in Properties and Accounts
Moneylife Digital Team 30 April 2025
In a major crackdown under the Prevention of Money Laundering Act (PMLA), 2002, the Bhubaneswar zonal office of the directorate of enforcement (ED) has provisionally attached assets worth Rs1,428 crore belonging to the Goldenland...
Free Helpline
Legal Credit
Feedback