Mumbai: The High Court of Justice, King’s Bench Division, London has on Thursday rejected Nirav Modi's 10th bail application filed on the grounds of long incarceration and his health condition.
The detailed order however would be available in days to come but the court has refused to accept his grounds of bail, CBI sources who are presently in London confirmed.
Nirav Modi was arrested on March 19, 2019, after India's request for his extradition in connection with PNB fraud case for Rs 6,498.20 crore.
His extradition has already been approved by the High Court of UK in favour of Government of India. However, he has taken up with the government and souces claimed that a confidential proceedings are being held over Modi's extradition. Pending his proceedings, Modi had sought bail on the ground of long incarceration and also on the health grounds. All his grounds however, have been rejected.
According to the CBI, Nirav, along with the other accused, had siphoned Rs 6,498.20 crore from PNB through 150 fraudulent letters of undertaking (LoUs) issued between February and May 2017, taking the total fraud amount to Rs 23,780 crore.
In its chargesheet the CBI claimed, “Investigation revealed that between 2011 and 2017, 1,214 LoUs amounting to Rs 23,780 crore were fraudulently issued by the accused bank officials, on behalf of M/s Diamonds R US, M/s Stellar Diamond and M/s Solar Export, of which 150 LoUs remained outstanding.”
Nirav had fled the country on January 1, 2018. He was arrested by the UK police on March 19, 2019. Later, the special court had declared him a fugitive economic offender under the new law on December 5, 2019. A month later on July 7, 2020, the court allowed the Enforcement Directorate's (ED) plea to confiscate 68 properties valued at Rs 329.66 crore linked to Modi. This included a house in London.
