Nirav Modi must pay up over $11 million to Bank of India, U.K. court rules The High Court in London has ruled that fugitive diamond merchant Nirav Modi is liable to pay Bank of India over $11.5 million, including accrued interest on a personal loan guarantee. The decision, handed down on June 23, 2026, by Justice Simon Tinkler, resolved a long-standing legal dispute over the enforceability of Modi’s personal guarantee tied to a loan to a Dubai-based firm, Firestar Diamond FZE, which he was associated with. Modi, a 55-year-old jeweler currently imprisoned in the U.K., has been fighting extradition to India to face charges related to a $2 billion Punjab National Bank (PNB) fraud and money laundering case. Despite his incarceration, the court found that he was validly served with a demand letter from Bank of India in October 2025, which constituted a legitimate claim under the personal guarantee he provided. Justice Tinkler emphasized that the guarantee was not void under Indian law, making Modi personally liable for the principal amount of $4,105,189.34 and additional interest. The total amount due, including interest accrued until March 2026, was estimated at $11.5 million, with further interest expected to accumulate. The case, which Bank of India has pursued since 2018, centered on three key legal questions: whether Modi was properly served with the demand, whether the demand pertained to a liability he owed the bank, and whether the personal guarantee was enforceable. The court’s ruling confirmed that all three criteria were met, with Justice Tinkler noting that the case was purely a commercial banking recovery claim and did not address the broader fraud allegations against Modi or the PNB case. The legal proceedings faced significant delays due to complications within the U.K.#bank_of_india #nirav_modi #justice_simon_tinkler #firestar_diamond_fze #prison_service_uk
