Nirav Modi Defiant in Bank of India Trial, Accuses Agencies of Business Destruction
In a dramatic courtroom appearance in London, fugitive diamond merchant Nirav Modi displayed defiance as he testified in his Bank of India (BOI) civil trial. Dressed in a smart suit and arriving from prison, Modi looked unfazed despite Wednesday's adverse extradition judgment. He took his oath on the Bhagavad Gita and positioned himself confidently in the dock, reading from a laptop with both hands through the bars.
Modi's Allegations Against Banks and Investigative Agencies
Nirav Modi launched scathing accusations against multiple institutions, claiming that banks, together with the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED), had systematically destroyed the business empire he had spent two decades building. He emphatically stated that he had committed no fraud against Punjab National Bank (PNB), contradicting the allegations that have made international headlines.
"They said Rs 11,000 crore, it was Rs 6,000 crore, there was no fraud, and I don't think this amount would make the top 20 in India," Modi declared during his testimony, challenging the scale of the alleged financial misconduct.
The BOI Civil Trial and Personal Guarantee Dispute
This separate civil trial centers on allegations that Modi owes BOI in excess of $10.7 million (approximately Rs 100 crore) through a personal guarantee he allegedly provided for a loan granted to Firestar Diamond FZE. Modi vehemently denies these claims, asserting that he did not "knowingly and intentionally" sign the guarantee and therefore owes BOI nothing.
During cross-examination by BOI's representative Beasley, Modi was questioned about why he claimed there was no material adverse event for BOI to call in their loan in 2018, given the extensive media coverage about his companies and the alleged PNB fraud at that time.
Modi's Detailed Account of the Investigation Timeline
Modi provided a detailed chronology of events, pinpointing February 5, 2018 as a "life-changing event" when media first reported on the allegations. He accused PNB of colluding with the CBI, stating that the standard investigative procedure was bypassed.
"Normally there would be preliminary investigation and then an FIR — it is unheard of for an FIR to be filed without hearing from the complainee," Modi argued. "On February 2, I don't think anyone was aware except the CBI. Maybe PNB was working with CBI as PNB put it on social media on February 3."
He further described how the Enforcement Directorate's actions on February 15, 2018 effectively halted his business operations: "The ED pulled the plug on everything — no manufacturing or finance could continue. My business stopped and the ED and CBI seized and attached everything."
Post-Hearing Statements and Extradition Implications
Following the hearing, Modi declined to comment on Wednesday's extradition judgment when approached by TOI. His testimony represents a significant development in the ongoing legal battles surrounding one of India's most high-profile financial cases. The BOI civil trial continues as Modi maintains his innocence across multiple legal fronts while facing extradition proceedings to India.
