Nirav Modi challenged the claim of Bank of India (BOI) that he stood as guarantor to the overdraft facility extended to his Firestar Diamond Group to the tune of $9 million between 2012 and 2017. Appearing before Deputy High Court judge David Bailey on Friday, Nirav Modi raised questions about the genuineness of the signatures on documents and sought the court’s approval to inspect documents and stay the proceedings. 

In May 2018, Bank of India approached the high court in London seeking to recover $9 million that was given to Firestar Diamond Group of which Nirav Modi was the CEO. The bank managed to get a summary judgment against Firestar Diamond in March 2024 and is now seeking to hold Modi accountable as he was the guarantor to the $9 million that was given to his company. The Bank of India case against Firestar Diamond Group and Nirav Modi pertains to the huge fraud he allegedly perpetrated against several Indian banks to the tune of $1.8 billion. Punjab National Bank was the worst hit as it emerged that Nirav Modi obtained fraudulent letters of undertaking allowing him to secure overseas loans without collateral. He faces several cases in India and the US.