Nirav Modi is the prime accused in Rs 13,500 crore Punjab National Bank (PNB) fraud and money laundering case. He had fled the country in January last year before the scam came to light.
Choksi and his nephew Nirav Modi, who both fled the country a year ago, are key accused in the USD 2 billion PNB fraud case. Choksi was granted citizenship of Antigua and Barbuda on January 15, 2018.
The probe agency has provisionally attached immovable properties, valuables, vehicle and bank account of Choksi under the Prevention of Money Laundering Act (PMLA).
The fugitive diamantaire was arrested by Scotland Yard in connection with the Punjab National Court (PNB) loan default case on March 19 this year.
Mehul Choksi and nephew Nirav Modi are key accused in the Punjab National Bank (PNB) fraud case. They fled the country a year ago. The scam is estimated at USD two billion.
This was a renewed bail application due to change of circumstances and the bail security was doubled. An accused is allowed to file for bail only twice unless there has been a significant change in circumstances.
This is the third time that the Westminster Magistrate's Court has turned down the bail plea of 48-year-old Modi. The next hearing is scheduled for May 24. Till then, he will remain under police custody.
Fugitive diamontaire Nirav Modi, wanted in India in connection with Rs 13,500 crore PNB scam, faces possible arrest in United Kingdom with arrest warrant issued against him.
PNB scam accused Nirav Modi, who is wanted by Indian agencies, was spotted in London yesterday. In this video tweeted by The Telegraph, the reporter is seen asking questions while Nirav Modi consistently replying, “no comment.”
Fugitive diamantaire Nirav Modi, who is wanted in the multi-crore Punjab National Bank fraud in India, was tracked down by a journalist from "The Telegraph".