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Bank Of India Files $6.5 Million Suit Against Nirav Modi In Hong Kong

Published on 10 May 2018 by Shivi

The Bank of India (BoI) has filed a lawsuit against the defamed billionaire jeweller Nirav Modi in a Hong Kong court. The bank has filed a case against Modi to recover money he took from the bank by procuring illegal letters of undertaking.

The bank has filed a writ in the Hong Kong court against Nirav Modi and 4 other, including Firestar Diamonds and Firestar Diamonds International in a hope to recover its debt amounting to $6.25 million. BoI is the second bank in India to take a legal action against Nirav Modi in Hong Kong. Last month, the Punjab National Bank (PNB) filed a lawsuit against Modi for $5 million.

In February 2018, it was revealed by PNB that Nirav Modi and his uncle Mehul Choksi defrauded the bank by raising credit from overseas branches of other banks in India. For this, Modi and his uncle used illegal guarantees issued by the staff at PNB’s Mumbai branch some years ago.

On March 23, the junior Minister for External Affairs, General (Retd) VK Singh informed the Rajya Sabha that the Ministry has sought the provisional arrest of Nirav Modi by requesting the authorities in Hong Kong.

Tags: Default or Fraud 

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