UK Court to decide on Nirav Modi's bail plea today

A UK Court will decide on fugitive diamond Merchant Nirav Modi's bail plea. Modi is fighting his extradition to India in the nearly USD 2 billion Punjab National Bank (PNB) fraud and money laundering case.

New Delhi:The Royal Court of Justice will decide on Nirav Modi's bail plea today, after the hearing concluded in the billion dollar money laundering case, involving the Punjab National Bank (PNB).

Modi was arrested by uniformed Scotland Yard officers on an extradition warrant from a Metro Bank branch in central London on March 19 and has been in prison since.

During subsequent hearings, Westminster Magistrates' Court was told that 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.

Besides, UK's Westminster Magistrate's Court had denied bail to Modi, who has been behind bars at one of England's most overcrowded prisons.

Further, the Judge had noted that Modi had "squirrelled away" funds that he may use for his escape from the UK if released on bail.

Read: Nirav Modi: UK court asks for confirmation of prison cell in India