Fugitive billionaire jeweller Nirav Modi was denied bail in a London court on Friday, following his arrest last week by British authorities on charges over his alleged involvement in a $2 billion fraud at India's state-run Punjab National Bank.
Nirav Modi, main accused in the $2 billion Punjab National Bank fraud case, “threatened to kill” a witness, and destroyed evidence, the prosecution in his extradition hearing alleged at the second bail application in Westminster Magistrates Court earlier on Friday.
The 48-year-old Modi, who denies the charges, faces the possibility of extradition to India where Prime Minister Narendra Modi is under pressure to take a firm stance on the case ahead of national elections in April-May.
CBI, ED team present
Also in attendance at the hearing were three members of the joint CBI and Enforcement Directorate team — at least one of whom had experience working on the Mallya case.
Sources have confirmed that Modi is in the U.K. on an investor visa that he obtained before the fraud allegations surfaced and it was issued in 2015. The visa allows those who invest at least £2 million in U.K. government, shares or businesses, to obtain it a faster route to settlement in the U.K. Eighty-two Indian nationals applied for an investor visa through this route between 2008 and March 2018, according to Transparency International.
The visa has been the subject of much criticism from anti-corruption groups in the U.K., over the checks in place to ensure the route wasn’t subject to abuse.
(With inputs from Vidya Ram)