Nirav, who is currently facing extradition proceedings, had petitioned the UK High Court seeking bail citing potential threats to his life. Denying any wrongdoing, Nirav had submitted that if released on bail he would not flee Britain. His bail plea was strongly opposed by the counsel for Indian investigating agencies. The hearing lasted for over three hours in the UK High Court on Thursday.
Finding little force in Nirav Modi’s submission the UK High Court ruled that there are “substantial grounds” to believe that if released on bail Nirav “would fail to surrender”.
Nirav Modi and his uncle Mehul Choksi, co-accused in the PNB scandal are facing extradition to India. Choksi, as first reported by ET last month, was arrested by the Belgian Police. Choksi is currently in a Belgian jail. His bail was also rejected last month by a Belgian Court.
Nirav Modi was arrested in London in March 2019. He stands booked and charge sheeted both by Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) in the $2-billion PNB scam.
It might be mentioned here that in the PNB scandal, ED has so far managed to return ₹1,052 crore (appox) to a consortium of banks led by Punjab National Bank (PNB).
