London High Court Orders Nirav Modi To Pay Bank Of India $8 Million

London: The High Court in London ordered imprisoned jailed diamantaire Nirav Modi to pay $8 million to Bank of India (BOI).

It was a ‘summary judgement’ on Friday, where one of the parties is not present in court or the court sees no merit in the case.

The High Court ruling came after BOI filed an application seeking to recover $8 million from Nirav’s Dubai-based company Firestar Diamond FZE.

The outstanding amount, including $4 million in principal and $4 million in interest, stemmed from the credit facility which BOI had with Nirav.

Tom Beasley, the barrister representing BOI, and instructed by solicitor Milan Kapadia of Royds Withy King, impressed upon the judge that Nirav had no chance of success and hence there was no need for the case to go to trial.

Nirav is accused of defrauding Punjab National Bank of over $2 billion, using fraudulent Letters of Undertaking. Arrested in London in March 2019, Nirav is currently lodged in Thameside prison in the UK, and has been fighting extradition to India.