A UK court has ordered fugitive diamond merchant Nirav Modi to pay more than $11 million to the Bank of India, with additional interest estimated at $11.5 million accruing until March 2026. The ruling, delivered on 24 June 2026, marks a significant legal step in recovering funds linked to the Punjab National Bank (PNB) fraud case.
Details of the court order
The judge specified that Modi is liable for the principal sum of over $11 million, plus interest. According to the court, the interest on that sum amounts to an estimated $11.5 million up to March 2026, with further interest continuing to accrue after that date. The decision was reported by PTI.
Background of the case
Nirav Modi, a billionaire jeweler, is one of the main accused in the $2 billion PNB fraud, which came to light in 2018. He fled India in early 2018 and has been fighting extradition from the UK. The Bank of India, one of the lenders affected by the fraud, sought the repayment order through UK courts.
Impact and next steps
The ruling strengthens the position of Indian banks in recovering losses from the fraud. Legal experts say the order could aid in attaching Modi's assets in the UK. However, enforcement remains a challenge as Modi's extradition case continues. The Bank of India has welcomed the decision, stating it will pursue all legal avenues to recover the dues.
