New Delhi– In another legal setback for fugitive diamond merchant Nirav Modi, the UK High Court has denied his fourth bail application, citing the massive scale of the alleged $1 billion fraud against Punjab National Bank, the Enforcement Directorate (ED) said on Friday.
The ruling, issued on Thursday, followed detailed arguments from both the defense and the prosecution—representing the Indian government—as well as written submissions from the ED. These submissions emphasized the laundering of illicit funds through shell companies, including transfers to jurisdictions outside India, such as the UK.
According to the ED, the High Court rejected Modi’s latest bail request—which was filed on the grounds of deteriorating health—due to the severity and scope of the financial crime. The ED noted that part of the fraud proceeds had already been seized and restituted to the defrauded banks.
Nirav Modi was arrested by Scotland Yard on March 19, 2019, following a non-bailable warrant issued by an Indian court and a formal extradition request submitted to the UK government.
Modi has previously made multiple unsuccessful attempts to secure bail—six times before the Westminster Magistrates’ Court and three times before the UK High Court. Each request was denied by the respective courts.
His most recent and fourth bail application was filed with the UK High Court’s King’s Bench Division on March 21, 2025, appealing a lower court’s decision dated May 7, 2024.
During the hearing, the Indian government strongly opposed the bail, and the court ultimately sided with the prosecution, denying Modi’s request once again.
The money laundering case against Nirav Modi and his associates was registered by the ED in Mumbai on February 14, 2018, based on a CBI FIR alleging fraud amounting to ₹6,498.20 crore (approximately $1.015 billion).
As part of its investigation under the Prevention of Money Laundering Act (PMLA), the ED has traced and attached assets worth ₹2,626.62 crore in India and abroad. (Source: IANS)
