Shock to Nirav Modi! Bank of India will have to pay Rs 66 crore

Nirav Modi: Indian fugitive diamond trader Nirav Modi has got a big blow from the London High Court. The court sent Nirav Modi to Bank of India (B.O.I.) was directed to repay 8 million dollars i.e. Rs 66 crore. Summary judgment has been issued in this case by the London High Court. Actually, summary is issued by the court in those cases in which one of the two parties is not present and the court gives its decision in the case without a trial. The court said that there is no merit in the case. In such a situation, the judgment was given without a full trial.

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BOI had petitioned the London High Court

Bank of India had filed a petition in the London High Court to recover eight million dollars from Nirav Modi’s Dubai-based company Firestar Diamond FZE. As soon as the hearing of the case started, the court gave its verdict. The court said that wherever in the world Nirav Modi’s property is present, the bank can recover its money by auctioning it. Let us tell you that at present Nirav Modi is lodged in Thameside jail of England. It was told in the court that Nirav Modi had taken a loan of four million dollars and interest of four million dollars is still outstanding on it.

what is the whole matter

Nirav Modi had taken a loan from Bank of India for his Dubai-based diamond company Firestar Diamond FZE. The bank asked for the money back in 2018. But, Nirav Modi failed to return the stipulated amount. After this, he fled to London. After this, Bank of India filed a petition in the High Court to recover its money. This company of Nirav Modi is registered in Dubai. In such a situation, the summary judgment of UK can be applicable here also. Nirav himself is the CEO and main guarantor of this company.