Diamantaire Nirav Modi, wanted by the CBI and the ED in connection with the Punjab National Bank (PNB) fraud and money laundering cases, may soon be extradited to India after reportedly losing an appeal before the European Court of Human Rights (ECHR). Nirav is currently lodged in a prison in London.Nirav had approached the ECHR in April 2026 after exhausting all legal remedies in the United Kingdom, following that country’s decision to clear his extradition to India. Sources in the two agencies told The Tribune that the development was being closely monitored and that a clearer picture was expected in the coming days.The latest development follows years of litigation in British courts after then UK Home Secretary Priti Patel signed Nirav’s extradition order in April 2021. Since then, he has filed multiple appeals and bail applications, all of which have been rejected.In March 2026, Nirav lost an attempt to reopen the extradition proceedings after arguing that he faced a “real risk of torture” if returned to India. Following that ruling, he is believed to have approached the ECHR seeking an injunction. The proceedings before the European court remained confidential.The PNB scam relates to fraudulent Letters of Undertaking (LoUs) worth over Rs 10,000 crore allegedly issued by the bank. The key accused in the case include Nirav Modi, his maternal uncle Mehul Choksi, other relatives and several PNB employees.Nirav and his relatives left India in early 2018, days before details of the scam became public. The PNB fraud has been described as one of the largest banking frauds in India’s history.According to investigators, fake LoUs were issued through PNB’s Brady House branch in Mumbai’s Fort area. The LoUs were opened in favour of overseas branches of Indian banks for the import of pearls and other goods. While Reserve Bank of India guidelines stipulated a maximum credit period of 90 days from the date of shipment, LoUs were allegedly issued for periods of up to one year.Investigators allege that overseas branches of Indian banks ignored these norms and failed to share relevant documents and information with PNB that had been furnished by the borrowing firms while availing credit facilities.According to the probe agencies, Nirav obtained his first fraudulent guarantee from PNB on March 10, 2011, and went on to secure 1,212 more such guarantees over the next 74 months.The ED has also claimed to have recovered banking token devices linked to foreign shell companies allegedly used by the fugitive diamantaire to transfer and route the fraudulent funds.