Fugitive diamond trader Nirav Modi has not received any relief from Westminster Court of London. The court has once again rejected his bail petition. Nirav's lawyer appeared in the court while he himself appeared in court through video conferencing. Earlier, the court rejected his bail plea last month and sent the jail till April 26 to postpone the next hearing date for this day. Now the next hearing of this case will be on May 24.
Nirav Modi was presented in the Westminster Court on March 29 last month. On behalf of Nirav Modi, lawyer Anand Dube kept his side in court but there was no relief from the court. While hearing the matter, the judge refused to give conditional bail to Nirav Modi, saying that the bank had suffered a lot. The evidence has been destroyed. This is a very unusual case of fraud. Nirav Modi is in the UK from January 2018.
Nirav Modi was arrested in London on March 19 with the connection of a loan of Rs 13,500 crore of Punjab National Bank (PNB) fraud. In the case of PNB fraud, the ED had seized his property on February 26. The accused businessman, Nirav, had obtained thousands of crores from the PNB through Letters of Undertaking (LOU) and Foreign Letters of Credit (FLC) fraud. On the cancellation of the bail plea, he was sent to police custody till March 29.
Earlier on Friday, 12 out of 13 luxury cars of Nirav Modi and his Mama Mehul Choksi were auctioned in Mumbai (around 3.29 crore). This was done by Auction Metal and Scrap Trading Corporation (MSTC). The auction was done by the Enforcement Directorate (ED) which had seized these cars from Modi and Choksi last year. These auction cars included Nirav Modi's 11 and Mehul Choksi 2 cars. Who will be the winner in the auction, it will be announced in the next two-three days.
Previously, Nirav Modi's paintings were also auctioned. ED has frozen shares, deposits, and luxury cars worth more than Rs 100 crore on February 22. Nirav Modi and Mehul Choksi have looted about Rs 13,570 crore in Punjab National Bank.