In a major blow to Nirav Modi, the UK High Court has denied his fourth bail application. The alleged mastermind of the $1 billion Punjab National Bank fraud was refused bail due to the scale of the offence, the Enforcement Directorate (ED) said on Friday.
The fugitive diamantaire faced the setback on Thursday. The court deliberated thoroughly on the defence’s arguments, the prosecution’s counter, and written submissions from the ED. The ED highlighted how Nirav Modi used shell companies to launder money, including to jurisdictions like the UK.
The ED said the court rejected his latest bail plea, which cited poor health, in light of the massive fraud. The agency has already attached and restituted part of the proceeds to victim banks.
Scotland Yard arrested Nirav Modi on 19 March 2019. The arrest followed an Indian request based on non-bailable warrants issued by an Indian court.
He had earlier sought bail six times from Westminster Magistrates’ Court and thrice from the UK High Court. All applications were denied.
Nirav Modi filed his fourth bail application before the King’s Bench Division of the UK High Court on 21 March 2025. This challenged the 7 May 2024 order of the UK District Judge.
The Indian government opposed the bail during detailed hearings. The court ruled in favour of India.
The ED registered the money laundering case against Nirav Modi and his associates on 14 February 2018 in Mumbai. The case stemmed from a CBI FIR for fraud of ₹6,498.20 crore ($1.015 billion).
Under the PMLA probe, the ED traced assets worth ₹2,626.62 crore in India and abroad. It has attached all identified assets.
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