London: Fugitive diamond merchant Nirav Modi, wanted in India in connection with the nearly USD two billion Punjab National Bank (PNB) fraud and money laundering case, was Thursday further remanded to judicial custody until September 19.
During a short remand hearing at Westminster Magistrates’ Court via videolink from Wandsworth prison, the judge extended Nirav Modi’s remand till September 19.
Nirav Modi, 48, has been lodged at Wandsworth prison in south-west London since his arrest in March in connection with the nearly USD two billion PNB fraud and money laundering case. He appeared for the second time since his bail appeal was rejected by the UK High Court in July.
Nirav Modi was arrested by uniformed Scotland Yard officers on an extradition warrant March 19 and has been in prison since. During subsequent hearings, Westminster Magistrates’ Court was told that Nirav Modi was the ‘principal beneficiary’ of the fraudulent issuance of letters of undertaking (LoUs) as part of a conspiracy to defraud PNB and then laundering the proceeds of crime.
Under the UK’s law, Nirav Modi is expected to be produced before the court every four weeks. Nirav has previously had his bail rejected multiple times, the fourth and final time being by the UK High Court last month.
In her judgment handed down at the Royal Courts of Justice in London, Justice Ingrid Simler had concluded there were ‘substantial grounds’ to believe that Nirav would fail to surrender as he does possess the means to ‘abscond’.
Reiterating similar concerns as those previously raised by Westminster Magistrates’ Court during earlier bail attempts, Judge Simler ruled that after considering all the material ‘carefully’, she had found strong evidence to suggest there had been interference with witnesses and destruction of evidence in the case and concluded it can still occur.
“The applicant has access to considerable financial resources, supported by an increased (bail bond security) offer of two million pounds,” the judge had then noted.
Agencies