Bail has been denied to Nirav Modi, main accused in the 2 billion US dollar PNB scam, by the Westminister Court in London. He was remanded to custody till March 29 by District Judge Marie Mallon saying that there were "substantial grounds to believe that he would fail to surrender if granted bail". NiMo (48) had offered half a million pounds as bail bond but the judge turned it down "given...
Bail has been denied to Nirav Modi, main accused in the 2 billion US dollar PNB scam, by the Westminister Court in London. He was remanded to custody till March 29 by District Judge Marie Mallon saying that there were "substantial grounds to believe that he would fail to surrender if granted bail". NiMo (48) had offered half a million pounds as bail bond but the judge turned it down "given the high value of funds and access to means to escape"
He was arrested and produced before the Court pursuant to the warrant issued earlier. Earlier, a case had been registered against him and others by the Enforcement Directorate (India) under the Provisions of the Money Laundering Act after CBI registered a FIR against him under Sections 120-B r/w 420 of IPC read with Section 13(2) read with 13(1)(d) of Prevention of Corruption Act, 1988.
Nirav Modi and his uncle Mehul Choksi, in connivance with PNB officials, managed to get fraudulent letters of undertaking issued sans due process, causing massive loss to the bank, as per the ED and CBI.