Big blow to fugitive Nirav Modi, Bank of India will recover amount of Rs 66 crore by selling his company

A big news has come out in the fugitive Nirav Modi case. Nirav Modi has received a big blow from the London High Court. The court has given decision to Bank of India to recover money from Nirav Modi. Bank of India had filed an application in the London High Court on which the court gave its verdict.

The court has asked Nirav Modi to give about 8 million dollars i.e. 66 crore rupees to the Bank of India. Let us tell you that the bank had applied for recovery of this amount from Nirav's Dubai based company Firestar Diamond FZE.

While giving this decision, London High Court said that Nirav Modi's case is not strong. It will be difficult for him to win, so there is no need to hear it. The court has also given permission to Bank of India to auction this property of Nirav Modi, after which now Bank of India has started the process of auctioning this Dubai based company.

Nirav Modi is lodged in Thameside jail of Britain. The amount which Bank of India is recovering was given to Nirav under the credit facility. Which was about 9 million dollars. But Nirav Modi did not return it to the bank and fled to Britain. Of this amount, $4 million is borrowed and the remaining $4 million is interest.

Let us tell you that in 2018, Nirav Modi had fled to Britain with about Rs 14 thousand crores after scamming Punjab National Bank. He had taken a loan of Rs 14000 crore from the bank in 8 installments. Then PNB Bank had filed a case of fraud against Nirav Modi. CBI investigation has already been done in this case, now the matter is in London High Court.