Home / News / India /  PNB scam: Nirav Modi's bail plea rejected for sixth time by UK court

Fugitive diamond merchant and prime accused in Punjab National Bank (PNB) scam Nirav Modi has got another jolt as his bail plea was rejected by UK court for the sixth time on Monday. Nirav Modi is fighting his extradition to India on charges of nearly $2 billion PNB fraud and money laundering case.

The diamantaire was denied bail after the Westminster Magistrates Court refused to accept a ‘change of circumstances’ since his last application.

"The repeated rejection of bail application of Nirav Modi is the result of excellent coordination among the Central Bureau of Investigation , Ministry of External Affairs and Crown Prosecution Service (CPS)," a CBI official told news agency ANI.

Earlier this month, the UK court extended the remand of the fugitive diamond merchant till the next scheduled hearing in his ongoing extradition trial on 3 November.

The 49-year-old jeweller was arrested in March last year and is facing extradition to India on charges of fraud and money-laundering linked to a Mumbai branch of the PNB. Lodged in the Wandsworth prison, Nirav Modi appeared by videolink, dressed in T-shirt and jeans.

Nirav Modi is being tried on two separate extradition requests -- one of which is related to money laundering and fraud while the other concerns tampering evidence and threatening witnesses.

Charges against the prime accused in PNB scam include money laundering, fraud, intimidation of witnesses, and tampering of evidence.

Modi has offered progressively higher amounts (4 million pounds in March) and to follow more stringent conditions as part of bail packages, but judges have rejected the applications on the ground that he potentially poses a flight risk.

The firms of Nirav Modi and his uncle Mehul Choksi took loans from banks abroad on the basis of these Letter of Undertaking (LoU) but did not repay them transferring the liability on PNB.

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