Fugitive economic offender Nirav Modi (File photo)
Fugitive economic offender Nirav Modi (File photo)

PNB scam: Nirav Modi bail hearing concludes, decision on Wednesday

ANI | Updated: Jun 12, 2019 00:50 IST

London [UK], Jun 12 (ANI): A UK court here on Tuesday concluded the hearing of the bail plea of fugitive diamond merchant Nirav Modi, who was arrested in March in connection with the USD two billion Punjab National Bank (PNB) fraud case. The court will deliver its ruling at 10 am (local time) on Wednesday.
During the hearing, the Royal Court of Justice said it wanted some time to make a decision.
Clare Montgomery, who is representing Modi in the case, submitted before the court that if her client was granted bail, he would be willing to be tagged through an electronic device so that his movements could be tracked.
"He moved here to raise capital, to explore where in the world he needed to be immigration wise. If he is given bail, he is willing to be tagged through an electronic device, have a phone that can be tracked," Montgomery said.
"Since he has an extradition case starting, there is no way he will run away. His daughter and son will be moving here, they are starting university," she added.
Comparing Modi to WikiLeaks founder Julian Assange, Montgomery said, "Modi is not Julian Assange who wants to seek refuge in some embassy. He is an ordinary person. He is not a flight risk."
After presenting her arguments, the court said it wanted some time and deferred the matter to Wednesday morning.
Modi's bail plea has been rejected thrice already in London's Westminster Magistrates' Court.
The fugitive diamantaire was arrested by Scotland Yard in connection with the PNB loan default case on March 19 this year.
India is seeking the diamond merchant's extradition to make him face the law of the land for allegedly committing economic offences like fraud and money laundering.
Modi has been lodged at Wandsworth prison in south-west London. (ANI)