New Delhi: Fugitive diamond trader Nirav Modi has suffered another major legal setback in the United Kingdom after the London High Court ruled in favor of Bank of India in a long-running loan recovery dispute.
Court Holds Modi Liable
The court has held Modi liable to pay more than $10.7 million, which is over Rs 100 crore at current exchange rates. The judgment is being seen as a significant win for the state-owned lender, which has been pursuing recovery linked to Modi’s former business network.
What Is The Case About?
The dispute is connected to a loan given by Bank of India to Dubai-based Firestar Diamond FZE, a company associated with Nirav Modi. The bank argued that Modi had personally guaranteed the loan and was therefore responsible for repayment after the dues remained unpaid.
Modi had challenged the bank’s claim before the UK court. However, the High Court found the lender’s position valid and enforceable, allowing Bank of India to proceed with recovery through legal routes available in Britain.
Another Blow In UK Legal Battle
The latest verdict adds to Nirav Modi’s legal troubles in the UK, where he has been fighting multiple proceedings since his arrest in London in March 2019. British courts have repeatedly rejected his bail pleas over the years.
Earlier, he also faced setbacks in his attempts to resist extradition to India, where agencies want him to face trial in connection with the Punjab National Bank fraud case.
Link To PNB Scam
Nirav Modi is among the key accused in the multi-crore Punjab National Bank fraud case, which came to light in 2018 and shook India’s banking sector. Indian agencies, including the Central Bureau of Investigation and the Enforcement Directorate, have accused him of fraud, criminal conspiracy and money laundering.
Why This Ruling Matters
For Bank of India, the ruling strengthens its effort to recover money through overseas legal channels. It also sends a strong message that Indian lenders can pursue default- claims abroad.
For Nirav Modi, the judgment adds another financial liability while he continues to face extradition and fraud- proceedings.
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