MUMBAI: The UK court, while denying Nirav Modi bail, has said that he would be able to access Rs 5,000 crore that remains untraceable if he is released. This amount represents the gap between the total fraud amount of Rs 6,500 crore and the currently frozen, recovered or confiscated funds worldwide.The judge also spoke about a company, Diamond Holdings Ltd, a UK company established by Raj Patel, a semi-retired accountant after appointing Nirav as CEO with 20,000 pounds (Rs 23 lakh) monthly salary while the latter was under Indian investigation. Nirav Modi fled to London in February 2018 and on February 16 that year, his Indian passport was suspended. Patel, who was the sole director and shareholder, said that he was aware of the criminal probe. “The questions that start arising relate to the amounts of money that were subsequently being offered as pre-release security in the context of bail applications by Patel on behalf of the company,” the judge noted. All of these amounts are being said by Patel as being capable of being put forward while leaving the company’s position entirely and responsibly financially secure, the court said. The judge, however, said that he does not want to underestimate the “lucrative” nature of the diamond industry.Considering these facts along with others, the court rejected Nirav Modi’s bail application on May 15, despite him being in jail for the past six years and two months.Till date, the Enforcement Directorate (ED) had attached/located assets valued at Rs 2,596 crore (around 40% of the total cheated amount) both domestically and internationally in the money laundering case that they are investigating against Nirav Modi for defrauding the Punjab National Bank (PNB). The Central Bureau of Investigation is investigating Nirav Modi for defrauding the bank with the help of forged documents and in connivance with the bank officials.Nirav Modi has remained in custody in the UK since his arrest in London on March 19, 2019, with the Indian authorities seeking his extradition for the PNB cheating and money laundering trials.The court identified Nirav as the primary perpetrator in the Punjab National Bank fraud, noting his role in fraudulently obtaining bank documents that enabled foreign bank withdrawals totalling 1,015.35 million US dollars.