Fugitive businessman Nirav Modi faced another legal setback as a London court ordered him to pay over USD 10.7 million to Bank of India in a loan recovery dispute. The Court held him personally liable for dues linked to Firestar Diamond FZE.
A special CBI court in Mumbai issued a non-bailable warrant against Vijay Mallya for a Rs.180 crore loan default case linked to Indian Overseas Bank. The court cited Mallya’s fugitive status and issued an open-ended NBW to ensure his presence. The allegations include deliberate default on loan payments, causing significant financial loss to the bank. The case has drawn widespread attention and the Indian government is intensifying efforts to extradite Mallya from the UK.
