Overview
- A London judge delivered the ruling on Tuesday, finding Nirav Modi personally liable under a 2013 guarantee for roughly $4.1 million in principal and ordering interest to be added.
- The judgment gives Bank of India a civil enforcement path in the UK and records that demand notices from 2018 and October 2025 were validly served, including delivery to Modi in prison.
- Several reports quote the recoverable total above $10.7 million with some outlets estimating about $11.5 million when interest through March 2026 is included, and interest will keep increasing until payment.
- The court treated this as a commercial recovery claim and made no findings on the separate PNB criminal allegations; Modi remains in UK custody contesting extradition and has taken confidential proceedings to the European Court of Human Rights.
- The dispute traces to a 2012 loan to Firestar Diamond FZE and the 2018 collapse of Firestar’s finances after the PNB scandal, and the ruling shows how cross-border guarantees and regulatory issues such as RBI approval can still leave guarantors personally exposed.