Fugitive diamond merchant Nirav Modi was denied bail by a U.K court on Wednesday for the fourth time in his extradition case to India to face charges in the Punjab National Bank fraud and money laundering case amounting to up to USD 2 billion.
Rejecting his bail application, Justice Ingrid Simler at the Royal Courts of Justice said there are “substantial grounds” to believe that the 48-year-old would fail to surrender as he does possess the means to “abscond”.
While delivering the judgment, Justice Simler said she had found strong evidence to suggest there had been interference with witnesses and destruction of evidence in the case and concluded it can still occur.
“The applicant has access to considerable financial resources, supported by an increased [bail bond security] offer of 2 million pounds,” the Judge noted.
“It is difficult, in my judgement, to see how the U.K is safe haven as there is no case of him being tried here…There are still places in world one can escape to which are an even safer haven from Indian investigating authorities,” she said, countering Modi’s lawyers’ assertion that he did not have any incentive to flee the U.K as he sees it as a safe haven of justice.
(with news agency inputs)