Nirav Modi Denied Bail Again by UK High Court in $1 Billion PNB Fraud Case:

Suspense crime, Digital Desk : The British High Court has once more denied bail to Nirav Modi, the prime suspect in defrauding Punjab National Bank (PNB) of $1 billion, which marks the tenth time they have done so since his arrest in March 2019.

The court examined Modi's bail request for the last time on May 15, 2025, and did not accommodate his release considering the severity of the charges and his tendency to flee.

Enforcement Directorate (ED) and Central Bureau of Investigation (CBI) Reiterations

The ED has confirmed posting on X, formerly known as Twitter, regarding the court's decision, "The UK High Court has once again refused to grant bail to Nirav Modi, the mastermind of the USD 1 billion fraud against PNB while hearing his 4th bail application."

ED has stressed the magnitude of money laundering involved, alleging that Modi employed numerous shell corporations to funnel money into the United Kingdom, among other places. Notably, several assets linked to the fraud have been seized and some of these are being returned to the banks which were victimized.

In a single statement, The Central Bureau of Investigation (CBI) said:

“In this case, The Crown Prosecution Service, backed by a CBI group that went all the way to London, had put up a very strong opposition to the bail application.”

Background: The PNB Fraud Case

Year registered: 2018 (by Enforcement Directorate under PMLA)

Primary accused: Nirav Modi and Mehul Choksi

Fraud Value: Close to 1 Billion USD

Modus Operandi: Fraudulent Letters of Undertaking (LoUs) issued by PNB

Assets: Numerous properties and their associated value along with some bank accounts have been frozen worldwide

Nirav Modi has continuously sought to avoid extradition but has been unsuccessful each time. His appeal to the UK Supreme Court in December 2022 paved the way for extradition to India which was dismissed.