Fugitive businessman Nirav Modi’s latest bid for bail was rejected on Tuesday by a UK judge, who ruled that he continued to pose a ‘substantial risk’ of absconding justice. Modi, 52, appeared for the bail hearing at Westminster Magistrates’ Court in London via video link from prison. District Judge John Zani accepted that the passage of time since Modi’s last bail application, three and a half years ago, constituted a change in circumstances, but he said he was ‘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,’ Judge Zani said. ‘This case involves, by any footing, a very substantial fraud allegation… not one where bail can be granted, and the application is refused.’ The court heard that while Modi had exhausted his legal appeals against extradition, there were ‘confidential’ proceedings ongoing initiated by him. The Crown Prosecution Service, appearing on behalf of the Indian authorities, dismissed the suggestion that the UK Home Secretary might ‘never be able to order extradition’ as incorrect. Modi’s barrister, Edward Fitzgerald, told the court that Diamond Holdings, where Modi remains CEO, has suffered losses due to the pandemic and global recession and could only offer £500,000 as security, down from the £4 million he offered in his last bail attempt in October 2020. Fitzgerald argued that Modi’s detention had been ‘simply too long for allegations of economic offenses’ and that he no longer posed any threat of interfering with witnesses. He also highlighted Modi’s mental health problems, including depression and suicide risk. However, Judge Zani aligned with the prosecution’s assertion that Modi was at the ‘epicenter’ of the fraud allegations. He also noted that many of Modi’s co-defendants in India had been granted bail. The judge acknowledged that Modi had not been convicted of any crime and that this was a ‘matter for the Indian judicial system.’ However, he ruled that the risk of absconding outweighed any other considerations. Modi’s children, who were present in court, were visibly distraught at the decision.
Nirav Modi’s Fresh Bail Plea Rejected, Judge Cites ‘Substantial Risk’ of Absconding
