PNB Fraud Case | Nirav Modi denied bail by Westminster Court, UK

As reported by media, Nirav Modi, the fugitive diamantaire has been denied bail the second time by Westminster Magistrate’s Court, UK.

Nirav Modi is the prime accused in the PNB Fraud Case.

Chief Magistrate Emma Arbuthnot, stated that  “This is a case of substantial fraud, with a loss to a bank in India of between USD 1-2 billion. I am not persuaded that the conditional bail sought will meet the concerns of the government of India in this case.”

A three-member joint CBI and Enforcement Directorate team from India was present in court and handed over a new file of evidence which was review by the judge before the hearing.

Modi is believed to have been living in the UK on an Investor Visa, applied for in 2015.

He was denied bail at his first hearing soon after his arrest by Scotland Yard officers from a central London bank branch. He is lodged at HMP Wandsworth prison since then.

[Source: Rajya Sabha Tv]

Arrest Warrant against Nirav Modi

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