Fugitive diamantaire Nirav Modi has suffered a fresh legal setback as a London court ordered him to pay over USD 10.7 million (₹100 crore) to Bank of India.
The ruling was in connection with a loan extended to a Dubai-based company promoted by him, wherein Modi undertook personal responsibility to repay the loan in the event of a default.
The London Circuit Commercial Court held that Modi was personally liable for the debt, as he had provided a personal guarantee for the loan granted to the Firestar Group.
The court directed Modi to repay the outstanding dues under the guarantee.
Modi has been lodged in a London prison since 2019, having been accused of defrauding Punjab National Bank of ₹6,498 crore.
He was arrested by Scotland Yard in March 2019, based on India's extradition request.
