New trial in London HC against Nirav Modi
London, March 24 -- A fresh trial against fugitive diamantaire Nirav Modi started in the High Court in London on Monday. Bank of India (BoI), one of the banks he owes money to, had moved court seeking to encash Modi's personal guarantee tied to a multimillion-dollar lending facility.
The bank is seeking to recover the money from Modi personally under a series of loan agreements, and alleges that he defaulted on a Rs.5-million overdraft facility originally agreed upon in 2012, which now exceeds $10.7 million.
Modi's legal team, in turn, argued that the bank's claim was "riddled with deficiencies and flaws" and should be dismissed. Vivek Kapoor, representing Nirav Modi, told the court that the personal guarantee underpinning the claim is unen...
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