New Delhi, June 24 -- Fugitive diamantaire Nirav Modi, who has been lodged in a London prison since 2019, has suffered a major legal setback after the London Circuit Commercial Court ordered him to pay more than USD 10.7 million (over Rs.100 crore) to Bank of India in connection with a loan extended to a Dubai-based company promoted by him.

The court held that Modi was personally liable for the debt after he provided a personal guarantee for a loan granted by Bank of India to a Dubai-based company of the Firestar Group.

In its judgment delivered on Tuesday, the court ruled in favour of Bank of India and held that Modi was legally responsible for repaying the outstanding dues under the guarantee.

The court said Modi's liability includes...