Lagatar24 Desk
London: In a major legal victory for India, the London High Court has ruled in favour of Bank of India against fugitive diamond merchant Nirav Modi, with Judge Simon Tinkler ordering Nirav Modi to pay $10.7 million, equivalent to over Rs 100 crore, to the public sector bank.
Personal Guarantee Forms Basis of Ruling
Judge Simon Tinkler delivered the verdict on Tuesday at the London Circuit Commercial Court, ruling that Nirav Modi is liable to pay $4.1 million, approximately Rs 38.9 crore, as the principal amount under a personal guarantee given to the bank, with applicable interest to be added on top of that amount.
Nirav Modi’s Arguments Rejected
Nirav Modi, who is currently fighting his extradition to India from a London jail, had argued during the hearing that the bank guarantee was not enforceable and that no valid demand had ever been made by the bank. The court rejected both arguments and ruled against him.
PNB Scam Mastermind Still Battling Extradition
Nirav Modi is the alleged mastermind behind the Punjab National Bank fraud case and has been lodged in a London prison while contesting his extradition to India.
