Diamond Tycoon Fails in Third U.K. Bail Attempt as Assets Frozen
- Nirav Modi, arrested in London, faces extradition to India
- Modi has offered 2 million pounds in bail, denies accusations
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A London judge rejected fugitive diamantaire Nirav Modi’s third attempt to get bail, after his lawyer said that Indian authorities have seized or liquidated the equivalent of $860 million of his funds and he doesn’t have access to enough resources to flee.
Judge Emma Arbuthnot ruled that even though Modi was willing to double his proposed security to 2 million pounds ($2.6 million), the risk of interfering with witnesses and destroying evidence remained too high. He had also only moved to the U.K. in 2017, so lacked the kind of community ties that would make him more likely to stay while he awaits a decision on whether he should be extradited to India, Arbuthnot said Wednesday.