The High Court in London has held that fugitive diamond trader Nirav Modi is liable to pay over USD 11.5 million, including accruing interest on a personal loan guarantee, to Bank of India.

In a ruling handed down at the London Circuit Commercial Court on Tuesday, Justice Simon Tinkler ruled in favour of the Bank of India and held that:

“Modi was validly served with the October 2025 Demand. That was a valid demand for a liability to the Bank under the Personal Guarantee.”

The judge also observed the Personal Guarantee is not, as a matter of Indian law, void or unenforceable and thus Modi is liable under the Personal Guarantee to the Bank for the principal amount due of USD 4,105,189.34.

“The interest calculated on the basis set out by the bank is to be added to the principal sum in calculating the total amount due,” the judge concluded.

The case involves Bank of India, Firestar Diamond FZE, Firestar International Private Limited and Nirav Deepak Modi.