financetom
Economy
financetom
/
Economy
/
Nirav Modi's defence team even uses his pet dog in attempt to win bail
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Nirav Modi's defence team even uses his pet dog in attempt to win bail
Mar 30, 2019 5:57 AM

Fugitive diamond merchant Nirav Modi failed in his second attempt to get bail in his extradition case at the Westminster Magistrates' Court here despite his defence team trying hard to establish his close ties to the UK, including having to care for a pet dog.

Chief Magistrate Emma Arbuthnot on Friday declined the bail application of the 48-year-old prime accused in the $ 1-2 billion Punjab National Bank (PNB) fraud case on the grounds that he did pose a "substantial" flight risk and that he lacked "community ties" with the UK.

Clare Montgomery, Modi's barrister, made a series of offers to try and convince the judge to grant bail.

"He did have a son at Charterhouse (school in London) who has now gone to university in the States and as a sign of ageing parents, led Modi to get a dog instead. None of these actions are emblematic of someone setting out to flee the country," Montgomery claimed. Britain has a long-held reputation as a nation of animal lovers.

"It is nonsense to say that he is a flight risk. He does not have a safe haven open to him and he has not travelled or applied for citizenship elsewhere - he only qualifies for leave to remain in this country," she added.

But the Crown Prosecution Service (CPS), arguing on behalf of the Indian authorities, stressed that Modi posed a significant flight risk and was also likely to further intimidate witnesses and destroy evidence if he were released.

Judge Arbuthnot accepted the Indian government's arguments, noting the "very unusual" evidence she had seen at this early stage in the case of interference with witnesses and destruction of evidence in the form of mobile phones and a server.

Montgomery, who along with Anand Doobay of Boutique Law makes up a very similar defence team as that of former Kingfisher Airlines boss Vijay Mallya in his extradition case against India, told the court that her client was willing to put up 1 million pounds as security -- doubling of the 500,000 pounds figure offered at the first bail hearing last week.

She also offered to submit to several "stringent conditions", including Modi wearing an electronic tag to be monitored regularly. The tag was claimed to be even better than reporting to any police station but Modi was also willing to submit to even that requirement.

As in the case of Mallya, who was granted bail immediately after his arrest on an extradition warrant in 2017, Montgomery said that Modi would guarantee to keep a mobile phone on him which was charged up and switched on at all times, submit to complete travel restrictions and also surrender all his residence permits, including for Hong Kong, Singapore and the UAE.

The defence team also attempted to counter additional CPS evidence, submitted on Friday by the joint Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) team, that claimed Modi had made death threats to witnesses in the PNB fraud case, many of whom had been forced to leave India to hide away in Cairo, Egypt.

"All of the witnesses who make varying claims have been in India since then and cooperating with the authorities," said Montgomery.

The CPS was able to challenge Modi's defence claims that he had not travelled out of the UK since January 2018, when he allegedly arrived in Britain to establish the global headquarters of his diamond business.

CPS barrister Toby Cadman told the court that in fact he had flown out to New York as recently as last month.

"That aside, he has known about these matters for some time but has not cooperated with authorities in any way. Now that the (extradition) process has started, there is an even greater risk of his fleeing (the UK)," Cadman submitted.

The judge agreed that she did not feel that the conditions met with Modi's statutory right to bail in such a case and directed Modi to be remanded in custody to appear for a remand hearing via video call on April 26, required within a four-week period of an accused being remanded in custody.

Modi will remain at the Wandsworth prison in south-west London during that period, where he can hold sessions with his legal team to deliberate on the course of the extradition case. His lawyers have urged the judge to allow them more that the few hours a week allowed by the jail, one of the UK's most overcrowded prisons.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US Economy Grows Less Than Expected In Q3, Yet Private Employment Soars By 233,000 In October
US Economy Grows Less Than Expected In Q3, Yet Private Employment Soars By 233,000 In October
Nov 3, 2024
The U.S. economy grew at an annualized rate of 2.8% in the third quarter, according to official advance estimates released Wednesday. This marks a slowdown from the 3% growth recorded in the second quarter and fell short of the anticipated 3%. The Atlanta Fed's GDPNow model forecasted a 3.3% increase prior to the release. In a separate release, the ADP...
BlackRock's Larry Fink Warns Against Overly Optimistic Fed Rate Cuts, Cites High 'Embedded Inflation' And Predicts Only 1 Reduction This Year
BlackRock's Larry Fink Warns Against Overly Optimistic Fed Rate Cuts, Cites High 'Embedded Inflation' And Predicts Only 1 Reduction This Year
Nov 3, 2024
Larry Fink, the CEO of BlackRock Inc. ( BLK ), has projected that the U.S. Federal Reserve will not reduce interest rates as significantly as the market anticipates, citing high “embedded inflation.” What Happened: Speaking at a CEO-packed panel in Riyadh, Saudi Arabia, Fink, who manages a colossal fund of over $10 trillion, forecasted only one rate reduction by the...
US Treasury keeps auction sizes through January 2025, announces $125 billion refunding
US Treasury keeps auction sizes through January 2025, announces $125 billion refunding
Nov 3, 2024
NEW YORK (Reuters) - The U.S. Treasury Department said on Wednesday it does not anticipate increasing auction sizes for U.S. notes and bonds for at least the next several quarters, in line with expectations, as it announced quarterly refunding of $125 billion from November 2024 to January 2025. The refunding is intended to raise new cash of $8.6 billion from...
US private payrolls growth surges in October
US private payrolls growth surges in October
Nov 3, 2024
WASHINGTON (Reuters) - U.S. private payrolls growth surged in October, despite fears of temporary disruptions from hurricanes and strikes. Private payrolls increased by 233,000 jobs last month after rising by an upwardly revised 159,000 in September, the ADP National Employment Report showed on Wednesday. Economists polled by Reuters had forecast private employment increasing by 114,000 positions after a previously reported...
Copyright 2023-2025 - www.financetom.com All Rights Reserved