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Nirav Modi Bail Rejected: London’s High Court of Justice, King’s Bench Division on Thursday rejected Nirav Modi’s latest bail plea. This plea was filed by Nirav Modi to come out of jail, but due to the strong arguments of CBI in the court, he did not get relief. During the hearing in the court, the CBI team, along with the Crown Prosecution Service (CPS), strongly presented the Indian government’s side in the entire case.
For this, the CBI investigation team had reached London. The court accepted their arguments and rejected Nirav Modi’s bail plea. Let us tell you that Nirav Modi is lodged in London jail since 19 March 2019. He is the main accused in the PNB scam of about Rs 6498.20 crore.
Process of bringing him to India accelerated
The Indian government is engaged in the process of extraditing Nirav Modi to India. The UK High Court has already approved his extradition to India. The special thing is that this was the tenth bail plea of Nirav Modi, which the CBI has successfully got rejected once again with the help of CPS.
The uncle-nephew duo ruined the bank
In February 2018, India’s second largest government bank, Punjab National Bank (PNB), revealed that it had suffered a loss of about Rs 11,400 crore (114 billion). This scam was carried out by diamond merchant and jewelry designer Nirav Modi and his uncle Mehul Choksi. Nirav Modi and his associates issued fake ‘Letters of Undertaking’ (LoUs) from PNB’s Brady House branch in Mumbai. Credit was obtained from foreign branches of other Indian banks on the basis of these LoUs. PNB had no record of these transactions, as these were done unauthorizedly through the SWIFT messaging system. Some internal officials of the bank were involved in this process, who deliberately bypassed the rules.
