UK High Court denies Nirav Modi’s bail plea in PNB fraud case

LONDON: The UK High Court has denied bail to Nirav Modi, the main accused in the USD 1 billion Punjab National Bank fraud case, rejecting his latest application during a hearing on Thursday, May 15. This marks the tenth failed attempt by Modi to secure bail since his detention in 2019.

In an official post on X (formerly Twitter), the Enforcement Directorate (ED), Government of India, stated: “The UK High Court has once again refused to grant bail to Nirav Modi, the mastermind of the USD 1 billion fraud against PNB, while hearing his fourth bail application on Thursday, 15/05/2025.”

The post continued, “After detailed deliberations on the arguments of the defence (Nirav Modi) and counter arguments of the prosecution (Government of India), written submissions by the ED (which highlighted the money laundering aspects of laundering of proceeds through shell companies to external jurisdictions including the UK) and considering the extent of fraud (part of which has already been attached/confiscated by the ED and returned to the victim banks), the UK High Court dismissed the application and refused to grant bail to Nirav Modi.”

Earlier this week, the Central Bureau of Investigation (CBI) also issued a press release confirming the court’s decision. “Fresh Bail Petition filed by Nirav Deepak Modi was rejected by the High Court of Justice, King’s Bench Division, London. The bail arguments were strongly opposed by the Crown Prosecution Service advocate who was ably assisted by a strong CBI team consisting of investigating and law officers who travelled to London for this purpose.”

The statement added: “Central Bureau of Investigation (CBI) could successfully defend the arguments which resulted in rejection of the bail. Nirav Deepak Modi is in UK prison since 19th March 2019. It may be recalled that Neerav Modi is a fugitive economic offender who is wanted for Trial in India in a Bank fraud case of CBI for defrauding Punjab National Bank for Rs. 6498.20 crore.”

The CBI further stated: “This is his 10th bail petition since his detention in UK which was successfully defended by CBI through Crown Prosecution Service, London.”

Modi was arrested by British authorities in March 2019, and his extradition to India has already been approved by the UK High Court. The PMLA case against him and his uncle Mehul Choksi was registered by the ED in 2018, with multiple assets seized during investigations. His attempts to block extradition have repeatedly failed, including a plea to the UK Supreme Court in December 2022. (ANI)