According to the report, after all legal remedies in the United Kingdom had been exhausted and British authorities decided to submit documents for his immediate extradition to India, Nirav Modi filed a petition before the European Court of Human Rights in April 2026. Earlier reports had stated that the Strasbourg-based court permitted the petition to remain anonymous, keeping the proceedings confidential. However, the ECHR ultimately refused to grant him relief, removing the final legal obstacle to his extradition to India.
Nirav Modi is currently wanted in India in three major criminal cases. The first relates to the Punjab National Bank fraud being investigated by the Central Bureau of Investigation (CBI). The second concerns the money laundering investigation linked to the same banking fraud being conducted by the Enforcement Directorate (ED). The third case, also investigated by the CBI, involves allegations of tampering with witnesses and evidence during the investigation.
In April 2021, the then United Kingdom Home Secretary Priti Patel approved Nirav Modi's extradition to India. Since then, multiple bail applications and appeals filed by him have been rejected by British courts. Last year, in March, he also lost his final attempt to halt the extradition process. Following that setback, he claimed that he faced the risk of torture if returned to India.
The Enforcement Directorate has attached assets worth Rs 147.72 crore belonging to Nirav Modi. These include properties located in Mumbai and Surat. The attached assets comprise eight luxury vehicles, a manufacturing plant, machinery, jewellery, paintings, and immovable properties. The agency has continued to identify and attach additional assets linked to Nirav Modi in India and overseas. In October last year, assets worth Rs 255 crore were attached in Hong Kong. Prior to that, properties worth Rs 637 crore belonging to Nirav Modi and his family members had also been attached.
Meanwhile, Nirav Modi has also been directed to pay Bank of India USD 11.5 million, equivalent to approximately Rs 108 crore, following a judgment by the High Court in London. The ruling relates to a personal loan guarantee and accrued interest connected to the Dubai-based company Firestar Diamond FZE.
The dispute arose from a loan extended by Bank of India to Firestar Diamond FZE, for which Nirav Modi had provided a personal guarantee. He later attempted to challenge the legal validity of that guarantee. Justice Simon Tinkler of the London Circuit Commercial Court ruled in favour of Bank of India, holding that the demand notice served on Nirav Modi in October 2025 was legally valid. As a result, the court ordered him to repay approximately Rs 108 crore.
The Punjab National Bank fraud came to light in 2018 when the bank disclosed one of India's largest banking frauds involving approximately Rs 13,000 crore. Subsequent investigations estimated the total amount at nearly Rs 13,500 crore. The principal accused were Nirav Modi, his uncle Mehul Choksi, and their network of shell companies.
Investigators alleged that they obtained fraudulent Letters of Undertaking through the alleged involvement of certain employees at the Punjab National Bank Brady House branch in Mumbai. These Letters of Undertaking enabled them to obtain thousands of crores of rupees in credit from the Indian branches of overseas banks. The transactions were allegedly kept outside the bank's Core Banking System, allowing the fraud to remain undetected for an extended period.
The fraud surfaced in January 2018 when companies linked to Nirav Modi sought fresh Letters of Undertaking. Bank officials demanded guarantees under the standard banking process. During verification, officials discovered that previously issued Letters of Undertaking had no corresponding records in the Core Banking System. The discovery exposed the fraud, prompting investigations by the Central Bureau of Investigation and the Enforcement Directorate.
Following the Punjab National Bank fraud, the Reserve Bank of India discontinued the issuance of Letters of Undertaking and Letters of Comfort for trade credit. It also made integration between the SWIFT messaging platform and banks' Core Banking Systems mandatory. Regulatory authorities further strengthened monitoring mechanisms and audit procedures for high-value banking transactions.
The investigation has resulted in significant enforcement action over the years. Nirav Modi and Mehul Choksi left India in 2018 before the investigations intensified. The Enforcement Directorate has attached assets worth thousands of crores in India and abroad. The Central Bureau of Investigation has filed multiple charge sheets against bank officials and associated companies. Nirav Modi was arrested in London in 2019 and remains lodged in prison while extradition proceedings continued. Mehul Choksi initially relocated to Antigua and Barbuda, where extradition proceedings have also remained subject to legal action.
With the European Court of Human Rights rejecting Nirav Modi's final appeal, the last legal barrier to his extradition has been removed. The development marks a significant step in India's efforts to bring one of the country's most prominent economic offenders back to face trial in the Punjab National Bank fraud and related criminal investigations.
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