The High Court of Britain (UK) has rejected the bail plea of fugitive diamond businessman and Punjab National Bank (PNB), the main accused in the Rs 13000 crore fraud case. The court dismissed the bail plea and said that the Indian investigating agencies have not yet been detected the amount of fraud by Nirav. Aaj Tak has a copy of the court’s decision in which Nirav Modi was denied bail. The court mentions several important points in its ten -page detailed order, on the basis of which the judge refused to grant bail to the fugitive businessman.
The UK’s Justice Kings Bench Division court said in its judgment that Indian investigative agencies have not yet traced the amount of $ 600 million (about Rs 5,150 crore) cheated by Nirav Modi.
‘Accused wants to avoid returning to India’
Related news
In the court order, the judge said, ‘The most important issue is that the applicant (Nirav Modi) has a strong incentive to avoid returning to India. He will try to avoid extradition of Indian agencies in every possible way. This incentive arises from the following facts: he is desired to face a case in India in the case of very serious and major economic crime, in which he is said to be the main criminal. Its severity is in three aspects: (i) form of crime, (ii) its role, and (iii) potential punishment. ‘
Risk of escape: UK Court
The court further said that Nirav has been in jail for the last 6 years and 2 months, which will be counted during the period of his sentence. But given the seriousness of the crime committed by him, this period does not reduce the risk of their escape. I am not going into any detailed description of the allegations at this level. I have given reference references for the four previous decisions of this court, from which the relevant background can be achieved.
Also read: Fugitive Nirav Modi again shocked, London High Court rejected bail application for 10th time
‘Tres 600 million to trace’
The court has given detailed information about the fraudulent amount in its judgment. The court said that out of US $ 1,015.35 million transferred under fraud by Nirav Modi, only $ 405.75 million has been detected or recovered in accounts spread worldwide. The remaining 600 million dollars (about Rs 5,150 crore) have not yet been found.
The judge said, “This difference between not traced the amount shows that Nirav Modi may have very big financial resources that can help him escape.”
‘Nirav has immense wealth’
The court has also mentioned a company called Diamond Holdings Limited in the order, which was appointed as Nirav Modi as CEO, where he received 20 thousand pounds every month. Later, this company offered millions of pounds for bail.
The court questioned that the company offered 0.5 million pounds in March 2019, then 1 million pounds after 9 days, 2 million pounds in May 2019 and 4 million pounds in November 2019. The judge said that this gearchange shows the huge financial resources available with Nirav Modi.
Nirav erased evidence and server burn
The court said in its judgment that the evidence against Nirav is also mentioned in Indian criminal proceedings. Where it is said that Nirav played a role in influencing the witnesses and destroying the evidence. Also in March 2018, dummy directors were taken from Dubai to Cairo, their mobile phones were destroyed and a computer server in Dubai was destroyed in February 2018.
The court said that these incidents happened when Nirav was in the UK. The UK courts have confirmed twice that prima facie evidence against Nirav is present.
‘I refuse to grant bail’
The judge said in his judgment that keeping in mind all the ideas and reasons, I refuse to grant him (Nirav Modi) bail in this matter and am rejecting the bail application in this case.
Nirav is in 2019 jail
Let us tell you that Nirav Modi was arrested in the UK in the year 2019 and since then Indian officials have been trying to extradite his India. In the year 2021, the then UK Home Secretary Preeti Patel approved Nirav Modi’s extradition to India. Since then, Nirav Modi tried on several occasions to take bail from the UK courts, but he has failed, as the Indian agencies have been presenting evidence collected against Modi in the court during the proceedings protesting his bail.