UK High Court has once again refused bail to Nirav Modi, the mastermind of USD 1 billion fraud against PNB, hearing his 4 bail application on Thursday i.e. 15.05.2025. After thorough deliberation of arguments of defence (Nirav Modi) with counter arguments of prosecution (Govt. of India), written submissions made by ED (highlighting the money laundering aspects by using shell companies to launder the proceeds to even outside jurisdictions including UK) and keeping in view the sheer quantum of fraud (part of which has already been attached/seized by ED and restituted to the victim banks), the UK High Court rejecting the application, denied bail to Nirav Modi

"On "16/05/2025", the "Enforcement Directorate (ED)" issued an update regarding "UK High Court has once again refused bail to Nirav Modi, the mastermind of USD 1 billion fraud against PNB, hearing his 4th bail application on Thursday i.e. 15.05.2025. After thorough deliberation of arguments of defence (Nirav Modi) with counter arguments of prosecution (Govt. of India), written submissions made by ED (highlighting the money laundering aspects by using shell companies to launder the proceeds to even outside jurisdictions including UK) and keeping in view the sheer quantum of fraud (part of which has already been attached/seized by ED and restituted to the victim banks), the UK High Court rejecting the application, denied bail to Nirav Modi. This is his 4th consecutive denial of bail since his arrest on 19.03.2019.