A UK court on Friday rejected a fresh bail application filed by fugitive Indian businessman Nirav Modi, who is fighting extradition to India in connection with the $2 billion Punjab National Bank (PNB) fraud case. Modi, who has been held at London’s Wandsworth Prison since his arrest in March 2019, had sought release on the grounds that he faces potential threats to his life and would therefore not abscond.
As per reports, his lawyer argued in the High Court that although Modi had exhausted his legal options regarding extradition — with both the London High Court and UK Supreme Court rejecting his appeals — there were still confidential legal barriers preventing his surrender to Indian authorities.
All about the PNB scam
Nirav Modi, along with his uncle Mehul Choksi, is accused of orchestrating one of India’s biggest banking scams, involving the fraudulent issuance of Letters of Undertaking (LOUs) by PNB. Modi allegedly defrauded Indian banks of over Rs 6,498 crore, while Choksi’s fraud is pegged at over Rs 7,000 crore. Both fled India before the Central Bureau of Investigation (CBI) filed cases in 2018.
Nirav Modi Bail petition rejected in London pic.twitter.com/w2L667sgmT
— Central Bureau of Investigation (India) (@CBIHeadquarters) May 15, 2025
Indian officials present at hearing
A team from India’s CBI was present in court to assist the UK’s Crown Prosecution Service during the hearing. Indian investigative agencies, including the Enforcement Directorate (ED), have filed multiple chargesheets against Modi and Choksi.
Choksi’s extradition proceedings underway in Belgium
Meanwhile, Mehul Choksi’s extradition process is gaining momentum in Belgium. He was arrested in Antwerp last month, and a Belgian court is set to hear his case on Friday, May 16. His first bail plea was rejected, and Indian authorities have reportedly submitted additional evidence to support his extradition.
Despite multiple legal hurdles, India continues to press for the return of both fugitives to face trial.