Nirav Modi has been languishing in a UK prison since March 2019. He has been accused of defrauding the Punjab National Bank (PNB) to the tune of Rs. 6498.20 crore. Now it has come to light that his bail application has been denied for the tenth time in the UK.
An India Today report said that the Royal Courts of Justice concluded that there were substantial grounds for believing that if released on bail, Nirav Modi would fail to surrender and his risk of absconding remained high.
Justice Fordham said while rejecting the plea, “And I repeat, after careful evaluation, UK courts have twice concluded that there is an evidenced prima facie case against the applicant.”
The UK High Court said that Nirav Modi is wanted for trial in India for matters of ‘very great seriousness and substance’ relating to allegations of economic crime, in which he is said to have been the principal perpetrator.
The Court also said that Nirav Modi can access 5,000 Crore Rupees, which are untraceable as of now, if he is released on bail.
