The UK HC has denied Nirav Modi’s fourth bail plea, citing the scale of the $1 billion PNB fraud. The ED highlighted money laundering through shell companies, leading to asset seizures worth over Rs 2,626 crore. Modi remains in custody as India pushes for his extradition.
In a major setback to fugitive diamantaire Nirav Modi, the UK High Court has rejected his fourth bail plea, citing the sheer magnitude of the $1 billion fraud he allegedly orchestrated against Punjab National Bank (PNB). The Enforcement Directorate (ED) confirmed the development on Friday, stating that the denial was largely due to the serious nature of the offence and the risk of absconding.
The ruling was delivered on Thursday after detailed hearings where the UK High Court’s King’s Bench Division examined extensive arguments from Nirav Modi’s legal team and the Indian government. Written submissions from the ED, which outlined the intricate network of shell companies used to launder illicit funds across jurisdictions, including the United Kingdom, were also reviewed.
The court dismissed Modi’s fourth bail application—filed on March 21, 2025, and based on claims of poor health—on the grounds that the severity of the financial crime outweighed such considerations. The ED pointed out that part of the defrauded amount has already been attached or seized and some of it restituted to the victim banks, strengthening the case for denying bail.
Nirav Modi was arrested by Scotland Yard on March 19, 2019, following a request by the Indian government based on non-bailable warrants issued by an Indian court. Since then, Modi has made nine bail attempts—six in Westminster Magistrate Court and now four in the UK High Court—all of which have been denied.
The ED’s money laundering investigation under the Prevention of Money Laundering Act (PMLA) began on February 14, 2018, following an FIR filed by the Central Bureau of Investigation (CBI) in Mumbai. The FIR alleged a massive banking fraud totaling Rs 6,498.20 crore (approximately $1.015 billion).
As part of its probe, the ED has traced assets and properties valued at Rs 2,626.62 crore in India and overseas. These assets have been provisionally attached under the PMLA, further tightening the legal noose around Nirav Modi and his associates.
The UK court’s latest decision bolsters India’s efforts to bring Nirav Modi to justice and reinforces the position that economic fugitives involved in high-value frauds will not find easy refuge abroad. The case continues to draw significant international attention as one of the most high-profile financial frauds originating from India.
