London court orders Nirav Modi to pay Bank of India ₹100 crore

Firestar Diamond FZE's finances deteriorated sharply after India's Central Bureau of Investigation registered its first FIR in February 2018, probing the nearly $2 billion PNB fraud. When the Dubai company could not repay, Bank of India began independent recovery proceedings against Modi under the personal guarantee. The bank sent repeated demand notices. No payment came.

Modi challenged the recovery in London. His lawyers argued the guarantee was unenforceable and that the bank had not made a valid demand. Modi claimed he never received the bank's April 2018 and October 2025 notices because he was not in India at the time.

The court rejected those arguments. It ruled the notices had been properly served. The October 2025 notice had also been sent to the UK prison where Modi is held. The court noted Modi's legal representatives received a copy of the April 2018 notice in 2019, showing he knew of the demand.

Modi has been in a London prison since 2019, fighting extradition to India to face trial in the PNB fraud case. In March, the UK High Court rejected his attempt to reopen his challenge against extradition, citing assurances from the Indian government.