PNB fraud accused Nirav Modi denied bail again by UK court

After a four-hour long hearing; Chief Magistrate Emma Arbuthnot, of the Westminster Court, refused to grant bail to Modi, who was arrested last week by the British authorities on charges of his alleged involvement in the Rs 13,000 crore and above fraud in the Punjab National Bank (PNB)

PNB fraud accused Nirav Modi denied bail again by UK court PNB fraud accused Nirav Modi denied bail again by UK court Source : press

In another major setback for fugitive diamantaire Nirav Modi; a UK court has denied his bail plea, again!


After a four-hour long hearing; Chief Magistrate Emma Arbuthnot, of the Westminster Court, refused to grant bail to Modi, who was arrested last week by the British authorities on charges of his alleged involvement in the Rs 13,000 crore and above fraud in the Punjab National Bank (PNB), which is recorded as India's biggest banking fraud to date!


Chief Magistrate Arbuthnot; has stated," In my view it's a very unusual fraud case. It's a very early stage of the case. Fairly major inconsistencies in the witness statement. Conditional bail to Nirav Modi won't suffice."


The judge further said," There are substantial grounds to believe he will fail to surrender," and has set up 26th April 2019 as the next date of hearing.


The Crown Prosecution Service (CPS); that is arguing on behalf of Indian authorities, said that Modi should not be granted bail since he posed a significant flight risk and had even issued death threats to witnesses related to his fraud and money laundering case.


Giving further details on the accusation; CPS barrister Toby Cadman made direct mention of one such witness. He revealed that Ashish Lad; an eye witness to the PNB, was "threatened to kill in a phone call" by Modi and Modi also offered him an incentive of Rs 2 million to provide a false statement. 


Cadman further said," Given the nature and seriousness of charges and the resources available to him there will be an overwhelming desire to flee the jurisdiction and interfere with the administration of justice."


Modi's defence team, led by barrister Clare Motgomery - who was also the barrister for former Kingfisher Airlines boss Vijay Mallya in his extradition case - opposed the CPS claims of Modi being a flight risk and stressed that in fact, Modi sees the UK as a "haven where his case will be fairly considered".


Clare also suggested," I am proposing to a subject to residence with electronic monitoring."


Nirav; who is restricted from travelling lives alone in the UK with his dog ever since his son has left for the US. Modi has been in the UK since January 2018. Dressed in a white shirt and black trousers; the fugitive diamoniare looked ever more distressed as compared to his previous appearances.




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