Nirav modi bail rejected: The High Court of Justice of London, the Kings Bench Division on Thursday rejected Nirav Modi’s latest bail plea. This petition was filed by Nirav Modi to come out of jail, but he could not get relief due to the strong arguments of the CBI in the court. During the court hearing, the CBI team, along with Crown Prosecution Service (CPS), firmly put the Indian government’s side in the whole matter.
For this, the CBI Investigation Team reached London. The court dismissed Nirav Modi’s bail plea, assuming his arguments. Please tell that Nirav Modi is lodged in London jail since 19 March 2019. He is the main accused in the PNB scam of about 6498.20 crore rupees.
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The Government of India is engaged in the process of extradition of Nirav Modi to India. The High Court of UK has already approved its extradition. The special thing is that this was Nirav Modi’s tenth bail plea, which the CBI has successfully rejected with the help of CPS.
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In February 2018, India’s second largest government bank, Punjab National Bank (PNB) revealed that it had lost about Rs 11,400 crore (114 billion). The scam carried out the scam by diamond merchant and jewelery designer Nirav Modi and his maternal uncle Mehul Choksi. Nirav Modi and his colleagues released fake ‘Letter of Undertaking’ (LOU) from PNB’s Brady House Branch. Credit was obtained from foreign branches of other Indian banks based on these LOUs. PNB had no record of these transactions, as they were done unauthorized through Swift messaging systems. In this process, some internal officials of the bank were involved, who deliberately sidelined the rules.