Fugitive businessman Nirav Modi has suffered a fresh legal setback in the UK after a London court ordered him to pay more than USD 10.7 million (over Rs 100 crore) to Bank of India in a loan recovery dispute linked to a Dubai-based company promoted by him.
In a judgment delivered on Tuesday, the London Circuit Commercial Court ruled in favour of Bank of India and held that Modi, also prime accused in the Rs 13,000 crore PNB scam case, was personally liable for repayment under a personal guarantee he had executed for a loan extended to Firestar Diamond FZE, a Dubai-based entity of the Firestar Group. The court held that Modi remained legally responsible for the debt after the borrowing company defaulted.
