A London High Court has ordered fugitive diamond businessman Nirav Modi to pay more than ₹100 crore to Bank of India in a civil recovery case. The court ruled that Modi is liable for over $10.7 million owed to the public sector lender, marking a significant legal victory for the bank.
The dispute relates to loans extended to a company linked to Modi. Bank of India had pursued legal action in the UK to recover the outstanding amount after repayment obligations were not met. The latest ruling strengthens the bank’s efforts to recover funds through international legal channels.
Nirav Modi, a key accused in the Punjab National Bank fraud case, has been detained in the UK since 2019. Indian authorities have been seeking his extradition, and UK courts have repeatedly rejected several legal challenges and bail pleas filed by him.
The judgment is seen as another major setback for Modi and an important step in the recovery process for Indian banks pursuing claims against fugitive economic offenders.
