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The Westminster Magistrates’ Court in London has agreed to hear the plea, which could push back his extradition, a move the Indian government plans to challenge.
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A breakthrough on this front would not only bolster India’s legal credibility but also mark a turning point in Indo-UK relations, moving beyond symbolism to deliver concrete outcomes.
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The latest move followed a demand notice issued to Choksi on May 15, warning attachment of assets as well as bank accounts if he failed to make the payment within 15 days
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In an official post on X (formerly Twitter), the Enforcement Directorate (ED), Government of India, stated: “The UK High Court has once again refused to grant bail to Nirav Modi, the mastermind of the USD 1 billion fraud against PNB, while hearing his fourth bail application on Thursday, 15/05/2025.”
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Nirav Modi has remained in prison in London since his arrest in March 2019 and has made at least seven previous bail attempts, which have all been rejected because he poses a flight risk.
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Nirav Modi fled India in 2018 before details of his 'involvement in large-scale fraud' at the Punjab National Bank became public
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Nirav Modi's infamous financial scam will be adapted into a Netflix Original film by Abundantia Entertainment. Directed by Palash Vaswani, the film will explore the rise and fall of the fugitive businessman.
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Dubbed one of the biggest scams in the history of Indian banking, it involved the misuse of financial instruments to siphon Rs 13,850 crore, exposing loopholes in the banking system.
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Nirav Modi and his uncle Mehul Choksi are the prime accused in a Rs 13,850-crore scam related to the Punjab National Bank (PNB). Nirav Modi continues to remain in a prison in London for the last six years
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It was the first meeting between the two leaders after Starmer assumed charge as the UK prime minister in July succeeding Rishi Sunak
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The 52-year-old diamond merchant, who lost his extradition battle to face fraud and money laundering charges in India, did not appear for the bail hearing at Westminster Magistrates Court in London but his son and two daughters were present in the gallery.
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Gokulnath Shetty, a retired PNB officer, and Hemant Bhatt, an authorised signatory of Modi's companies, are in judicial custody since 2018 and their bail pleas have been rejected, the court said.
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The United Kingdom has no intention of becoming a place where those seeking to evade justice can hide, British Security Minister Tom Tugendhat said, amid India’s continuing push for extradition of billionaire fugitives Vijay Mallya and Nirav Modi.
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Subash Parab was a deputy general manager (finance) at Firestar Diamond, a firm owned by Nirav Modi, and was deported to India from Cairo in Egypt in April 2022.
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Like Nirav Modi, Arif Naqvi, founder of Dubai-based private-equity fund Abraaj, lost the extradition case, but unlike Modi, Naqvi is out on bail and lives a downsized lifestyle with his family in Knightsbridge.
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On being asked how he intended to finance the monthly amount, Nirav told the court he had been borrowing money as he did not have sufficient funds because his assets had been frozen in India over the extradition proceedings.
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The reserve price of the items to be auctioned will be declared on the date of the auction.
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Special judge SJ Menjoge in his order said that the Bombay High Court had already held that her arrest was "illegal" and the Central Investigation Agency was given the liberty to re-arrest following the due process of law.
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These FEOs owe a combined amount of Rs 37,185.83 crore in loans to Indian banks.
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On November 9, the UK high court had given the green signal to Nirav Modi's extradition to India
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The Crown Prosecution Service (CPS), which appears on behalf of the Indian government in the UK courts, had until Monday to file a response in the High Court in London on the 51-year-old diamond merchant's plea against being extradited to India
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Nirav, who remains behind bars at Wandsworth Prison in London, had two weeks to file an application seeking an appeal on the grounds of a point of law of general public importance, which according to experts is a high threshold that is not met very often.
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The 51-year-old diamantaire lost an appeal on mental health grounds earlier this month, when a two-judge High Court bench ruled that his risk of suicide was not such that it would be either unjust or oppressive to extradite him to India to face charges of fraud and money laundering in the estimated USD 2 billion Punjab National Bank (PNB) loan scam case.
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The UK High Court ordered diamond merchant Nirav Modi's extradition to India on the charges of fraud and money laundering, amounting to an estimated $2 billion in the Punjab National Bank (PNB) loan scam case. What options does fugitive businessman Nirav Modi have left? Watch the video to find out!
