A fresh bail petition filed by fugitive diamond merchant Nirav Modi was rejected by the High Court of Justice, King’s Bench Division in London on Thursday, the Central Bureau of Investigation (CBI) said. This was the tenth time that Modi had applied for bail since his detention in the extradition case to India to face charges in the Punjab National Bank (PNB) fraud and money laundering case amounting to Rs 6,498 crore. “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,” a CBI spokesperson said in a press statement issued on Thursday. “CBI could successfully defend the arguments which resulted in rejection of the bail. Nirav Modi is in UK prison since March 19, 2019. He is a fugitive economic offender who is wanted for trial in India in a bank fraud case of CBI…,” the spokesperson added. According to the central agency, Nirav Modi's extradition has already been approved by the High Court of the UK in favour of the Government of India. He was declared a fugitive economic offender in 2019. Along with his uncle Mehul Choksi, Nirav Modi is wanted by the CBI and the Enforcement Directorate (ED) for cheating the Punjab National Bank of about Rs 13,500 crore in loans using fraudulent Letters of Undertaking (LoUs). Last month, the Belgium government had confirmed that fugitive jeweller Mehul Choksi, 65, was arrested in Antwerp following an extradition request by Indian investigation agencies. Choksi had fled India in January 2018 and had been living in Antigua and Barbuda as a citizen since 2018. He reportedly arrived in Belgium last year for cancer treatment. His wife, Preeti, is said to be a Belgian citizen.
