Home / Business / Over Fear Of His Absconding , A UK Court For the Fourth Time Rejects Bail To Nirav Modi

Over Fear Of His Absconding , A UK Court For the Fourth Time Rejects Bail To Nirav Modi

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The UK High Court has rejected Nirav Modi’s bail application, his fourth attempt as the diamond merchant fights his extradition from Britain to India in the nearly USD 2 billion Punjab National Bank (PNB) fraud and money laundering case.

In her judgment handed down at the Royal Courts of Justice in London, Justice Ingrid Simler concluded there are “substantial grounds” to believe that the 48-year-old fugitive diamantaire would fail to surrender as he does possess the means to “abscond”.

Reiterating similar concerns as those raised by the lower court in the UK during previous bail hearings, Judge Simler ruled that after considering all the material “carefully”, she had found strong evidence to suggest there had been interference with witnesses and destruction of evidence in the case and concluded it can still occur.

“The applicant has access to considerable financial resources, supported by an increased [bail bond security] offer of 2 million pounds,” the Judge noted.

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