A London court rules that fugitive diamond businessman Nirav Modi must repay Bank of India more than $10.7 million under a personal guarantee. The decision is issued by Justice (Judge) Simon Tinkler in the London Circuit Commercial Court, following Bank of India’s civil loan-recovery claim. The court finds Modi personally liable because he signed a personal guarantee in 2013 tied to credit facilities granted to Firestar Diamond FZE, a Dubai-based entity associated with Modi’s Firestar Group.
The court holds that Modi owes the principal outstanding amount of about $4.1 million, plus interest calculated by the bank, as part of the overall liability exceeding $10.7 million (reported in some coverage as about ₹100 crore or more than $11 million). It rejects Modi’s arguments that the guarantee was unenforceable and that he was not properly served with demand notices.
Sources also report that formal demand notices were sent in 2018 and again in 2025, with the later notice reportedly served while Modi is detained in a London prison. Modi remains in UK custody as his extradition process continues, but this ruling specifically concerns Bank of India’s civil recovery case, not his criminal matters.
