London, June 11: The Royal Courts of Justice has concluded hearing in the bail plea moved by Nirav Modi, the main accused in the fraud involving Punjab National Bank (PNB). The bench will issue its verdict tomorrow at 10 am (local time). This was the fourth bail petition filed by the embattled Indian businessman.
During the course of hearing, the Chief Magistrate of UK Court had raised concerns over the “means” possessed by Nirav to flee the country if granted bail. Nirav Modi Living in £8-Million Flat in London.
Nirav’s counsel Claire Montgomery had argued before the court that the alleged scam in India was reported nearly a month after his client had left the nation. He further added that the jewellery czar has offered to return the money, but the proposal has been rejected.
“And since he has an extradition case starting, there is no way he will run away. His daughter and son will be moving here, they are starting university,” Montgomery told the bench in a bid to quell concern over the possibility of Nirav “fleeing” away.
“He moved here to raise capital, to explore where in the world he needed to be immigration wise. If he is given bail, he is willing to be tagged through an electronic device, have a phone that can be tracked,” the barrister was further quoted as saying before the bench.
Nirav’s bail plea was earlier rejected thrice by the UK Court, which found lack of merit in his plea. The bench had leaned in favour of the Crown Prosecution Service (CPS), which has charged the diamantaire of committing fraudery in India and fleeing away with the defrauded wealth.
An Interpol Red Corner Notice was issued against Nirav earlier this year, based on the pleas sent by the Indian probing agencies. The Scotland Yard officers arrested him in London on March 19.
The case against Nirav dates back to January 2018, when the Central Bureau of Investigation registered a case against him and his uncle Mehul Choksi, the chief of Gitanjali Gems.
Nirav is accused of “principal beneficiary” of the fraudulent issuance of letters of undertaking (LoUs) as part of a conspiracy to defraud the Punjab National Bank (PNB) and then laundering the money. The quantum of the alleged scam amounts to nearly Rs 13,800 crore.