Nirav Modi Bail Rejected: Fugitive Diamond businessman Nirav Modi has suffered another setback. Nirav Modi’s 10th bail plea has also been rejected. The London High Court judge said that the UK courts have twice concluded that there is a prima facie case against Nirav Modi. Justice Michael Fordham rejected the bail plea in the Royal Courts of Justice saying that there is a very high risk of Nirav Modi absconding. Justice Fordham, while rejecting Nirav Modi’s bail plea on May 15, said, 'And I repeat that after very careful scrutiny, the UK courts have twice concluded that there is a prima facie case against Nirav Modi.' Nirav Modi is 54 years old. He is a fugitive diamond businessman. He is India's most wanted. The Indian government is engaged in his extradition. Nirav Modi had filed a bail plea after the UK court allowed his extradition to India. Indian agencies had opposed his bail plea before the High Court. This was Nirav Modi's 10th bail plea since he was detained in Britain in 2019.

Actually, Nirav Modi is the main accused in the fraud case of more than Rs 13,800 crore in Punjab National Bank. Nirav Modi was declared a fugitive economic offender by India in December 2019. The UK High Court said that Nirav Modi is wanted for trial in India for 'very serious cases' related to allegations of economic crime, in which he has been described as the main conspirator.

The High Court said that it is alleged that as the main conspirator, Nirav Modi, along with others, fraudulently induced PNB to issue such documents, which could withdraw money from foreign banks. In its order issued on May 15, the court said that the main arguments put forward by Nirav Modi in the previous extradition proceedings were that there was a good and valid explanation for the transfer of funds to the relevant entities, and not a denial that the funds were in fact transferred.

Justice Fordham said the total amount fraudulently transferred was stated to be US$ 1,015.35 million.Fordham said that the courts considered the evidence presented for bail on two occasions in the context of Nirav Modi's extradition. Each time the court was satisfied that a prima facie case was made against Nirav Modi. The court also considered the destruction of a mobile phone and influencing witnesses in 2018.