London: The UK High Court has denied bail to Nirav Modi, the main accused in the USD 1 billion Punjab National Bank fraud case, rejecting his latest application during a hearing on Thursday, May 15. This marks the tenth failed attempt by Modi to secure bail since his detention in 2019.
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.”
The post continued, “After detailed deliberations on the arguments of the defence (Nirav Modi) and counter arguments of the prosecution (Government of India), written submissions by the ED (which highlighted the money laundering aspects of laundering of proceeds through shell companies to external jurisdictions including the UK) and considering the extent of fraud (part of which has already been attached/confiscated by the ED and returned to the victim banks), the UK High Court dismissed the application and refused to grant bail to Nirav Modi.” (ANI)
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