Fugitive businessman Nirav Modi, who was in prison in London for over five years, on Tuesday appealed with an application for new bail, which was rejected by a UK judge who stated that he continued to pose a “substantial risk” of absconding justice.
The 52-year old diamond merchant, who lost his extradition battle to face fraud, and money laundering charges in India, decided not to appear for bail hearing at Westminster Magistrates Court in London but his son, and two daughters were present.
District Judge John Zani accepted the legal team’s submission that the long passage of time since the last bail application three and half years ago constitutes a change in circumstances to allow the hearing to proceed.
“However, I am satisfied that there remain substantial grounds against bail. There continues to be a real, substantial risk that the applicant [Nirav Modi] would fail to attend court or interfere with witnesses,” concluded Judge Zani in his judgment after a short hearing. “This case involves, by any footing, a very substantial fraud allegation… not one where bail can be granted and the application is refused,” he said.
The court heard that while Nirav Modi had lost his legal fight against being extradited, there were confidential proceedings ongoing which were instigated by him. This would indicate an asylum application, but the only direct reference made in court was when the Crown Prosecution Service, appearing on behalf of Indian authorities, dismissed the assertion that the UK Home Secretary might not be able to order extradition as incorrect.
CPS Barrister Nicholas Hearn said in the court “He has demonstrated his complete determination to not face the allegations in an Indian court, and it is no exaggeration to say the fraud in question is over USD 1 billion, of which only USD 400 million has been seized. Therefore, he could still have access to significant resources in various jurisdictions.
A joint CBI and ED team had arrived from India for the hearing and followed the proceedings in the court against Nirav Modi. There are, in total, three sets of criminal proceedings against him in India – the CBI case of fraud on PNB, the ED case relating to the alleged laundering of the proceedings of the fraud, and the third set of criminal proceedings involving alleged interference with witnesses and evidence in CBI proceedings.
