Nirav Modi signals “sensational developments” in $2 billion PNB fraud extradition case ahead of London hearing

Fugitive diamantaire Nirav Modi, 54, jailed in the UK since March 2019, has told a United Kingdom court about “sensational developments” in his long-running extradition case to India, set to reopen in London next month.

Modi, wanted in India over the $2 billion Punjab National Bank (PNB) fraud and alleged money laundering, made the comments during a civil hearing at London’s Royal Courts of Justice concerning an unpaid Bank of India debt exceeding $8 million.

Representing himself as a Litigant in Person, Modi read from handwritten notes, citing limited computer access and eyesight problems, which he said made the proceedings “unfair and imbalanced.” At one point, he appeared visibly frustrated, saying, “Spend one day in prison there needs to be some basic common sense.”

The Bank of India, represented by barristers Tom Beasley and Milan Kapadia, is pursuing Modi’s personal guarantee linked to a loan issued to Dubai-based Firestar Diamond FZE. They opposed his request to pause proceedings, arguing it would unfairly delay the long-standing claim. Justice Tinkler rejected the plea, ruling that the trial, scheduled for January 2026, will proceed. The judge confirmed that sufficient arrangements had been made to accommodate Modi’s medical needs, including computer access.

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Extradition appeal expected in November

Modi expressed hope of being discharged or granted bail, following a UK court decision to consider new evidence in his extradition appeal, a rare step given the “high bar” in such cases. The UK Crown Prosecution Service (CPS) confirmed that Modi has applied to reopen the appeal, with India having submitted its response. The hearing is expected toward the end of November.

Repeatedly denied bail due to being considered a flight risk, most recently in May this year, Modi faces three criminal cases in India for the PNB fraud, alleged money laundering, and witness tampering. In 2021, then UK Home Secretary Priti Patel approved his extradition after courts established a prima facie case. The upcoming hearing could mark a pivotal moment in one of India’s most high-profile financial scandals.