Nirav Modi To Remain In Wandsworth Prison Until August 22 After Westminster Magistrates’ Court Denies Him Bail

Fugitive diamond merchant Nirav Modi, who is wanted in connection with the nearly USD 2 billion Punjab National Bank (PNB) fraud and money laundering case, has been further remanded to judicial custody by a UK court until August 22.

He appeared before the Westminster Magistrates' Court through a videolink from the Wandsworth prison for the remand hearing.

This was Modi's first appearance before a court since his bail plea was rejected by the UK High Court recently.

In a judgement delivered on June 12, Judge Ingrid Simler at London's Royal Court of Justice had noted that there were substantial reasons to believe that Modi would fail to surrender if granted bail.

Judge Simler had also ruled that after considering all the material "carefully", she found strong evidence to suggest that there had been interference with witnesses and destruction of evidence in the case and concluded it could occur again.

Nirav Modi was arrested by uniformed Scotland Yard officers on an extradition warrant on March 19 and has been in prison ever since.

During subsequent hearings, Westminster Magistrates’ Court was told that Modi was the “principal beneficiary” of the fraudulent issuance of letters of undertaking (LoUs) as part of a conspiracy to defraud PNB and subsequent laundering of the proceeds of that crime.

Indian agencies have been trying hard to extradite Modi to India.

On June 27, Swiss authorities had seized four accounts worth Rs 283.16 crore, in the name of Modi and his sister Purvi, on the request of the Enforcement Directorate.

A few days later, on July 2, the Singapore High Court ordered freezing four bank accounts in the name of Modi, Purvi and her husband Mayank Mehta. These accounts have Rs 44 crore between them.

Incidentally, the Interpol has issued Red Corner Notices against both Purvi and Mayank.