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UK court rejects Nirav Modi’s New bail application

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In a setback to Nirav Modi, a UK court on Wednesday rejected the new bail application of the fugitive stone merchant, who is fighting removal to India on charges of about USD 2 billion Punjab National Bank (PNB) scam and money laundering case.

Dressed a blue sweater and freshly shaved, the 48-year-old was produced before Westminster Magistrates’ Court in London to try to be let out on bail until his preliminary in May one year from now.

Judge Emma Arbuthnot rejected his bail application in despite of Modi’s idea to double security from 2 million pounds to 4 million pounds.

Modi was looking unmistakably more advantageous than his last appearance under the court earlier this year. He apparently asserted anxiety and depression in his most recent application, with earlier bail applications at the court being rejected by Chief Magistrate Arbuthnot, and afterward additionally on request at the High Court in London, because he was deemed a flight risk.

His legal team has recently described their client’s involvement with jail as harming and offered stringent electronic tag and different conditions similar to house arrest at his elegant Centrepoint apartment in the West End of London trying to convince the judge to grant bail.

In June, Modi’s legal team took his intrigue against that administering to the Royal Courts of Justice in London, where a judge was told about the jewel trader’s troubling perspective in “classified” documents.

Modi has been in the slammer at Wandsworth jail since his arrest on March 19 on a removal warrant executed by Scotland Yard on charges brought by the Indian government.

During ensuing hearings, Westminster Magistrates’ Court was informed that Modi was the “principal beneficiary” of the fraudulent issuance of letters of undertaking (LoUs) as a component of connivance to cheat PNB and afterward laundering the proceeds of crime.

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