Nirav Modi Reveals "Sensational Developments" Coming in UK Extradition Case: PNB Fraud Investigation Update

London:

Fugitive diamantaire Nirav Modi, imprisoned for over six years, has informed a UK court about upcoming "sensational developments" when his Indian extradition case concerning fraud and money laundering allegations resumes for a hearing in London next month.

The 54-year-old appeared before High Court Judge Simon Tinkler at the Royal Courts of Justice on Friday to present his defense in an unrelated case involving an $8 million unpaid Bank of India debt. The judge rejected Nirav's application to stay the proceedings based on technical and medical constraints in prison, with the case now set for trial in January 2026.

"They (Bank of India) refer to my extradition... I'm still here. There will be some sensational developments, and I have never used these words before," Nirav stated during the pre-trial review hearing.

The diamond merchant, wanted in India in connection with the estimated $2 billion Punjab National Bank (PNB) loan scam, expressed being "extremely hopeful" about either receiving discharge or bail after the court agreed to accept new evidence despite the "high bar" for such matters.

The UK's Crown Prosecution Service (CPS) has confirmed that Nirav "has lodged an application to reopen his (extradition) appeal," with Indian authorities submitting their response ahead of a hearing expected in late November.

Representing himself as a "Litigant in Person," Nirav read from extensive handwritten notes while addressing the judge. Prison officers guarded him as he appeared in a worn-out white t-shirt and pink track pants, speaking quietly about his eyesight problems and prolonged delays in accessing a computer in prison, which he emphasized made any trial unfair.

"I understand this is an adversarial process and they (Bank of India) can say anything against me. But they keep on making assumptions; I would say, spend one day in prison... there needs to be some basic common sense," he said, appearing frustrated at one point.

Bank of India, represented by barrister Tom Beasley and RWK Goodman's Milan Kapadia, is pursuing Nirav's personal guarantee related to a loan to Dubai-incorporated Firestar Diamond FZE. They argued that staying the proceedings would unfairly delay the bank's long-pending claim indefinitely.

"If he is extradited, he will likely remain in custody... He will also be in a different time zone," Beasley informed the court, adding that the bank "remains skeptical" about Nirav's "claimed lack of funds."

Justice Tinkler ruled that preserving the court's timetable outweighs other considerations and that sufficient efforts to ensure "equality of arms" in the case have been made.

"It is clear that some (medical) issues do affect his ability to work and will, in all likelihood, affect his ability to participate in the trial without reasonable adjustments being made," the judge noted, referencing a confidential medical report.

However, with the trial scheduled for seven days in January, the judge concluded there was sufficient time to make adjustments for all medical needs.

He also noted that prison authorities had indicated a computer would be made available to Nirav within a week, while hard copies of all documents would be sent to him before another pre-trial hearing in early December.

Nirav's in-person court appearance following recent video links was due to a "production order" by the court. This created legal complications toward the end of the day-long hearing, as Nirav had to be transferred to HMP Pentonville prison in north London.

The businessman appeared concerned about this move from HMP Thameside in south London, where he has been held for the past few months, and requested the court include a single occupancy cell provision in the court order.

The judge stated this was beyond the court's authority but added directions for either transferring all his paperwork or returning him to Thameside at the earliest opportunity.

Nirav has been incarcerated in London since his March 2019 arrest and has made multiple bail attempts, all rejected due to flight risk concerns – most recently in May this year.

There are three sets of criminal proceedings against him in India – the Central Bureau of Investigation (CBI) case regarding PNB fraud, the Enforcement Directorate (ED) case concerning alleged laundering of fraud proceeds, and a third set of criminal proceedings involving alleged interference with evidence and witnesses in the CBI proceedings. In April 2021, then UK home secretary Priti Patel ordered his extradition to face these charges in Indian courts after a prima facie case was established. He had exhausted his legal options to contest the order until recently, when his application to reopen his appeal was accepted in the UK and is scheduled for hearing next month.