Nirav Modi News: In a big blow to fugitive diamond businessman Nirav Modi, London High Court on Friday ordered Bank of India (BOI) to return 8 million dollars i.e. Rs 66 crore. The court has issued summary judgment on this case. Summary judgment is issued in those cases in which one of the parties is not present in the court, but the court gives its decision on the case even without a full trial.
Hearing on Bank of India's application
Bank of India had filed an application in the London High Court in the case of recovery of $8 million from Nirav Modi's Dubai-based company Firestar Diamond FZE. While giving its verdict on the case on Friday, the court has ordered recovery from Nirav Modi's company. In its order, the court said that wherever in the world Nirav Modi's property is present, the money can be recovered by auctioning it. Currently Nirav Modi is lodged in Thameside jail of UK.
What is the whole matter?
Nirav Modi's Dubai-based diamond company Firestar Diamond FZE had taken a loan from Bank of India. The bank had asked for the money back in 2018, but he failed to repay the entire amount and later fled to London. The bank had filed a petition in the London High Court to recover its money from Nirav Modi, the decision of which came on Friday.
In this decision, the court has ordered Nirav to return the borrowed amount of 4 million dollars and interest of 4 million dollars. Firestar Diamond FZE is a company registered in Dubai, hence UK's summary judgment will be easily applicable here. Nirav Modi was the CEO and one of the main guarantors of Firestar Diamond FZE.
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