London, May 8:
“However, I am satisfied that there remain substantial grounds against bail. There continues to be a real, substantial risk that the applicant [Nirav Modi] would fail to attend court or interfere with witnesses,” concluded Judge Zani in his judgment after a short hearing.
“This case involves, by any footing, a very substantial fraud allegation… not one where bail can be granted and the application is refused,” he said.
The court heard that while Modi had lost his legal fight against being extradited, there were “confidential” proceedings ongoing which had been instigated by him. This would indicate an asylum application but the only indirect reference made to it in court was when the Crown Prosecution Service (CPS), appearing on behalf of the Indian authorities, dismissed the assertion that the UK Home Secretary may “never be able to order extradition” as incorrect.
“He has demonstrated his complete determination to not face the allegations in an Indian court and it is no exaggeration to say the fraud in question is over USD 1 billion, of which only USD 400 million has been seized. Therefore, he could still have access to significant resources in various jurisdictions,” CPS barrister Nicholas Hearn told the court.
A joint Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) team had arrived from India for the hearing and followed the proceedings in court. There are three sets of criminal proceedings against Modi in India – the CBI case of fraud on the Punjab National Bank (PNB), the ED case relating to the alleged laundering of the proceeds of that fraud and a third set of criminal proceedings involving alleged interference with evidence and witnesses in the CBI proceedings.
He was arrested on an extradition warrant on March 19, 2019, and then UK Home Secretary Priti Patel ordered his extradition in April 2021. Modi has since exhausted his legal appeals in the case up to the Supreme Court and made six separate bail applications, offering up to GBP 4 million as security in his last attempt in October 2020.
His barrister Edward Fitzgerald told the court that Diamond Holdings, where he remains CEO, has since suffered losses due to the pandemic and global recession and is able to offer only GBP 500,000. However, he offered several strict limits on liberty for the purpose of bail, including an electronic tag, connectivity by phone at all times and a ban on him applying for any form of travel documents.
