Fugitive businessman Nirav Modi has been lodged in a London jail for more than five years. On April 16, he had applied for bail for the fifth consecutive time in the UK’s Westminster Magistrates Court. Which was rejected by a British judge. Diamond trader Nirav Modi, 52, lost his extradition battle to face fraud and money laundering charges in India. He did not attend the bail hearing at Westminster Magistrates’ Court in London. But his son and two daughters were present in the gallery.
London District Judge John Jennie accepted his legal team’s argument that circumstances had changed to allow the trial to proceed longer since the last bail application three and a half years ago. However, the judge expressed satisfaction and found sufficient grounds against bail. There is a real, substantial risk that petitioner Nirav Modi will fail to appear in court or tamper with witnesses. Judge John J. said the case involved allegations of massive fraud at any level.
The company demanding money against Nirav Modi also demanded to sell 103 Marathon houses. On the other hand, ED argues that the loan of Punjab National Bank should be repaid from the income received after selling these bungalows. The trust assets have been purchased with the proceeds of a massive fraud at Punjab National Bank.
