Nirav Modi ordered to pay Rs 100 crore to Bank of India in loan recovery case

In a major legal and financial blow to fugitive diamond merchant Nirav Modi, the London High Court has ruled in favour of the Bank of India in a loan dispute. The UK court upheld the state-owned lender's claim, holding Nirav Modi personally liable to pay Rs 100 crore. The case involves a loan extended by Bank of India to Dubai-based Diamond FZE, a company linked to Modi. Although Modi contested the claim, arguing against the personal guarantee, the court ruled the lender's claim valid and enforceable, boosting India's efforts to recover assets and pursue his extradition.