A London Circuit Commercial Court has ordered fugitive jeweller Nirav Modi to pay more than $10.7 million (approximately ₹100 crore) to Bank of India for defaulting on a loan.
The judgment represents a significant legal setback for Modi, who has been held in a UK prison since 2019 following his extradition from Switzerland.
The ruling underscores the ongoing efforts by Indian lenders to recover funds from the accused, who is at the center of a major financial fraud case involving the collapse of his family’s diamond business.
While the court order establishes a clear liability, the actual recovery of the funds remains uncertain given Modi’s current incarceration and the complex nature of his assets.
This development adds to the mounting legal challenges facing Modi, who is also fighting extradition to India on charges of fraud and money laundering.
The case has drawn significant attention due to its scale and the high-profile nature of the accused, with Indian authorities continuing to pursue multiple avenues to reclaim the alleged stolen funds.