Nirav Modi Ordered to Pay Over $11 Million to Bank of India by UK Court

Fugitive diamantaire Nirav Modi has been ordered by a UK court to pay over $11 million (approximately 91 crore INR) to the Bank of India. The ruling by the High Court in London on June 19, 2024, mandates Modi to repay the significant sum.

The judgment comes as part of a default summary judgment, meaning Modi failed to contest the bank's claims effectively. This amount is tied to loans and overdraft facilities extended by the Bank of India's Antwerp branch and other facilities provided by its Bahrain branch. The Bank of India pursued legal action in the UK as Modi is currently imprisoned there, awaiting extradition to India on charges related to the Punjab National Bank (PNB) scam.

Exam Insights & GK Analysis: This case highlights the international legal efforts to recover assets from economic offenders. For competitive exams, understanding the key figures like Nirav Modi and associated banks (Bank of India, Punjab National Bank) is important. The case also brings attention to institutions like the Enforcement Directorate (ED) and Central Bureau of Investigation (CBI) which handle such investigations in India. The Bank of India, established in 1906, is one of India's oldest public sector banks, headquartered in Mumbai.