A London court ordered fugitive diamond businessman Nirav Modi to pay $10.7 million (around ₹100 crore) to the Bank of India on Tuesday. The ruling found Modi liable for loans he had guaranteed. Modi remains in a UK jail and is fighting extradition to India in connection with a major fraud case, according to livemint.com.
The court case involved loans that the Bank of India had provided to Diamond FZE, a Dubai-based company owned by Nirav Modi. Judge Simon Tinkler ruled the claim valid despite Modi's arguments against enforceability. The judgment requires Modi to repay the amount as guarantor for the loans extended to the company, as reported by livemint.com.
This ruling is part of ongoing legal proceedings related to the high-profile fraud case involving Nirav Modi, who faces multiple allegations of financial wrongdoing in India. The Bank of India is among the lenders seeking recovery of funds linked to Modi's business operations. The judgment adds to the legal pressure on Modi, who has been detained in the UK since his arrest, according to livemint.com.
Nirav Modi's extradition case continues in the UK courts, with the latest ruling reinforcing the financial liabilities he faces abroad. The $10.7 million payment order by the London court marks a significant development in the efforts by Indian banks to recover dues linked to Modi's fraud allegations, per livemint.com.