London: The verdict on Fugitive businessman Nirav Modi was out today in a London court. Chief Magistrate Emma Arbuthnot ruled that Modi, who has been the prime accused in INR 13,600 crore Punjab National Bank scam, will not be released on bail, it was reported. The Chief Magistrate, taking note of the case file said Nirav Modi's attempt to seek citizenship of Vanuatu, which is a remote island country situated in the South Pacific Ocean clearly exhibits his intentions that he was trying to distance himself from India at an important time.
It is to be noted that this happens to be the second time the billionaire diamantaire has been denied bail since his arrest last week. While giving the verdict, Judge Arbuthnot said, “There are substantial grounds to believe that Nirav Modi will fail to surrender.”
Another fact which needs to come to forefront is that the same judge had ordered the extradition of another fugitive Indian business tycoon - Vijay Mallya – Kingfisher airlines former head - last December, as per reports.
Post this verdict, Nirav Modi will return to HMP Wandsworth prison in south-west London – the prison where he has been lodged since last Wednesday. April 26 is the next date of hearing, which will happen via video conference.
The Crown Prosecution Service (CPS), while arguing the case against granting Nirav Modi bail, said the billionaire made a death threat to an eyewitness and tried to bribe another Rs. 20 lakh to evade arrest. CPS, which is representing Indian authorities, also argued the high risk of Nirav Modi fleeing, in case he is granted bail. “"There is a real risk that he could flee, interfere with witnesses, interfere with evidence," the prosecution had said.
Also Read: Nirav Modi denied bail in London even after offering 500,000 pounds
Further, prosecution also argued that all the telephone records which related to the PNB fraud have been destroyed back in India, at the behest of Nirav Modi.
Claire Montgomery, Nirav Modi's lawyer, who also represented Vijay Mallya earlier - had countered to say his client is not a great flight risk as he rented a flat in London under his own name. Moreover, he further argued that Modi was trying to open a bank account in his name when his arrest happened on March 20.
Before the hearing was to begin, CPS had already submitted a new file in the Westminster Magistrates Court, which comprised additional evidence against Nirav Modi.
48-year-old Nirav Modi was denied bail by District Judge Marie Mallon at his first hearing after his arrest by Scotland Yard officers from a central London bank branch when he tried to open a new bank account. A bail bond of half-a-million pounds was offered by Nirav Modi during the hearing.
Enforcement Directorate and Central Bureau of Investigation or CBI is investigating Nirav Modi along with his uncle Mehul Choksi. This is after PNB made the allegation that they cheated it of INR 13,600 crore with the involvement of a few bank employees. Both Nirav Modi and Mehul Choksi left India before the details of the fraud emerged in January 2018. Choksi has become a citizen of Antigua and Barbuda and is believed to be residing there.
A reporter in The Telegraph, who spotted Modi on the streets of London, reported that he has started a diamond business in Soho, after acquiring all the legal permits.