The United Kingdom court on Wednesday once again denied bail to Nirav Modi, who is the main accused in the Punjab National Bank fraud and money laundering case amounting to up to USD 2 billion.
The 48-year-old fugitive diamond merchant appeared before Westminster Magistrates Court Chief Magistrate Emma Arbuthnot. Modi’s defense team doubled the bail security to 2 million pounds and offered he would stay on 24-hour curfew at his London flat.
“Conditions in Wandsworth (prison) are unliveable… Modi is willing to abide by any conditions you choose to impose,” his barrister Clare Montgomery told the Judge during the lengthy hearing. However, the judge was not convinced.
“This is a large fraud and the doubling of security to 2 million pounds is not enough to cover a combination of concerns that he would fail to surrender (if bail is granted),” said Judge Arbuthnot.
The Crown Prosecution Service (CPS) earlier while arguing on behalf of Indian authorities said Modi should not be granted bail since the evidence presented by the defense does not amount to change of circumstances required to the third bail application.
Led by barrister Clare Montgomery, who was also the barrister for former Kingfisher Airlines boss Vijay Mallya in his extradition suit, Modi’s defense team opposed the CPS claims of Modi being a flight risk.
Vijay Mallya is believed to have been living in the UK on an Investor Visa, applied for in 2015 at a time when the alleged golden visa route was relatively easier for super-affluent individuals to acquire residency rights in the UK based on a minimum of 2 million pounds investment.
Modi and his uncle, Mehul Choksi, who is wanted by India in relation to the Rs 13,500-crore PNB fraud case, are the main accused in the PNB scam and they both left India before the details of the fraud exposed in January 2018.
