Fraudster diamond merchant Nirav Modi will have to pay ₹108 crore to Bank of India, a public sector banking institution of the country. The London High Court delivered this ruling in a case involving a personal loan guarantee and the applicable interest rate provided for the Dubai-based company ‘Firestar Diamond’. The fraudster, who has been imprisoned in London for the past 7 years, has been fighting a legal battle opposing his extradition to India.
Although Nirav Modi had given a personal guarantee for the loan taken by Firestar Diamond from the Bank of India, he later attempted to legally invalidate this guarantee. According to the London High Court’s hearing, Nirav Modi’s personal guarantee cannot be invalidated under Indian law for any reason. Consequently, Nirav Modi must pay ₹108 crore, which includes the principal amount of ₹34.3 crore taken from the Bank of India along with the applicable interest on this loan up to March 2026.
