Nirav Modi,London Court,Nirav Modi bail
Fugitive fraudster Nirav Modi, who is the main accused in the Rs 13,000 crore Punjab National Bank scam, has reportedly threatened to kill a key witness in the case and destroy evidence to evade arrest, the United Kingdom prosecutor, representing the Indian investigative agencies, told the Westminster Magistrates Court on Friday.
He was denied bail by the Westminster Magistrate's Court for the second time.
"There are substantial grounds to believe he will fail to surrender", said the judge, who fixed April 26 for next hearing. Nirav Modi has been accused for committing fraud and money landering of upto USA $ 2 billion.
According to government sources, India was adamant to not let Modi secure bail and had evidence to show how the businessman was not just a flight risk but could also subvert the process of justice.
The government argued that Nirav Modi is in plans to kill one of the witnesses and to destroy the evidence. "Due to nature of the business he had at his disposal diamonds gold and pearls", the Court also heard.
The defence is deliberating over that new file and the judge will review it before Modi is produced before her for his second bail application hearing around 12.30pm (local time).
Cadman also pointed to the resources at Modi's disposal, which were demonstrated by factors such as his application for an investment programme as a route to citizenship in the Pacific island of Vanuatu (which was declined by authorities there).
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While hearing the case, the judge refused to grant Nirav Modi the conditional bail.
"The size and nature of these allegations is not a safe touchstone by which you can judge if he should be granted bail", said Montgomery, who claimed a series of "underlying issues" were behind PNB withdrawing insecure lending. These allegations largely convinced the court that Modi should be kept behind bars.
At the very start of the hearing, Judge Arbuthnot said she was getting a sense of "deja vu", in reference to her having ordered the extradition of Mallya in December a year ago. He has known since August 2018 that he is going to be extradited.
The Mallya case had been cast as a watershed moment for the way in which Indian authorities worked with Britain on extradition.
Modi, whose diamonds have adorned Hollywood stars such as Kate Winslet and Dakota Johnson, is among those accused of defrauding the bank in a case that has shaken confidence in a state banking sector that accounts for some 70 per cent of India's banking assets.
Cadman assured the court that the point had been conveyed to the Indian authorities. Nirav Modi, donning a mustache and a semi-beard, is present inside the court along with his lawyer Anand Doobay.
Taking up the mantle for India, Crown Prosecution Service barrister Toby Cadman submitted a fresh file in the case with additional material obtained from the Central Bureau of Investigation and Enforcement Directorate Officials who are in London to assist CPS in this case. The judge had denied him bail on grounds of the high value of funds embezzled and high access of escape.
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