Nirav Modi's bail plea rejected, again

   By Power Corridors ,  12-Jun-2019
Nirav Modi's bail plea rejected, again

A London court on Wednesday rejected the bail plea of deserter diamond merchant Nirav Modi in connection with the multi-billion dollar PNB Scam

This was his fourth attempt to seek bail. Nirav, a wanted in India on fraud and money laundering charges had on May 31 applied for bail in the UK High Court after a British Court extended his remand till June 27.

 

Nirav Modi had argued that he had arrived in the UK in January 2018, before he was accused of any crime. Contesting India's extradition request, he said he was in Britain lawfully, had a job and paid his taxes. During the hearing at the Royal Courts of Justice, Justice Ingrid Simler observed that there was "compelling evidence" that there have been efforts to "interfere with witness statements" and destruction of evidence. 

 

Nirav Modi and his uncle Mehul Choksi are the prime accused in the Punjab National Bank scam that involved fake guarantees in the name of the state-run lender to secure loans overseas. Both left India in January 2018 before the CBI started investigating the PNB scam. Mehul Choksi is now residing in Antigua and holds its citizenship. He has blockquoted health reasons for not returning to India.