India Markets closed

Nirav Modi’s bail rejected by UK court again, next hearing on May 24

FE Online
Nirav Modi, Nirav Modi bail, CBI, ED

Nirav Modi bail plea rejected: A London court on Friday rejected the bail plea of Nirav Modi, the prime accused in the multi-crore Punjab National Bank scam. The court will the matter next May 24.

Nirav Modi and his uncle Mehul Choksi are facing probe by Enforcement Directorate and Central Bureau of Investigation for their alleged involvement in the Rs 12,000 crore PNB scam which was unearthed last year at the Brady House branch in Mumbai.

Nirav Modi, 48, who has been behind bars at Wandsworth prison in south-west London since his arrest last month, appeared before Westminster Magistrates’ Court Chief Magistrate Emma Arbuthnot via videolink from the jail.
The very brief hearing ended with judge further remanding Modi till May 24. She scheduled a full hearing on May 30, PTI reported.

Also Read: How Nirav Modi scripted largest bank scam, became India s most wanted

Chief Magistrate Arbuthnot had earlier denied bail to the diamond businessman on March 29 on the grounds that there was a ‘substantial risk he would fail to surrender’.

India is seeking extradition of Nirav Modi who was arrested in London recently. However, Mehul Choksi, who was taken refuge in the Caribbean nation of Antigua remain elusive. Indian agencies have been trying to get him arrested too but they are yet to get any success.

Meanwhile, a dozen high-end luxury cars belonging to Modi and Choksi were auctioned by the Enforcement Directorate for Rs 3.29 crore on Friday. The ED had attached the cars under the Prevention of Money Laundering Act (PMLA).

The Income Tax Department had last month auctioned several art works that were owned by Nirav Modi for Rs 59.37 crore.

In March, the ED had demolished Nirav Modi’s seaside bungalow in Alibaug. In October 2018, the agency had seized assets belonging to Modi worth Rs 637 from India and abroad.

(With inputs from agencies)