London Court Orders Nirav Modi to Repay Over ₹100 Crore to Bank of India

Fugitive businessman Nirav Modi has suffered a major legal setback after a London court ordered him to repay more than ₹100 crore to Bank of India in a civil recovery case. The ruling comes as Indian authorities continue their efforts to recover funds linked to the multi-crore Punjab National Bank (PNB) fraud case.

According to reports, the court directed Modi to settle the outstanding dues owed to Bank of India, marking another significant victory for Indian financial institutions pursuing legal action against him overseas. The judgment is part of ongoing proceedings aimed at recovering losses incurred by banks following the exposure of one of India’s biggest banking scams.

Nirav Modi, who has been in custody in the United Kingdom while fighting extradition to India, is accused of orchestrating a massive fraud involving fraudulent Letters of Undertaking (LoUs) issued by Punjab National Bank. Indian investigative agencies, including the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI), have filed multiple cases against him.

The latest court order is expected to strengthen the position of Indian banks seeking to recover their dues through international legal channels. Financial experts believe the decision could pave the way for additional recovery actions against assets linked to the fugitive businessman.

Indian authorities have welcomed the ruling, describing it as a positive step toward ensuring accountability and recovering public money lost in the banking fraud. The case continues to be closely monitored as extradition proceedings and asset recovery efforts move forward.