TOI correspondent from London: Nirav Modi appeared defiant in the dock in his Bank of India (BOI) trial on Thursday, saying that the banks, together with the CBI and ED, had destroyed the business he had spent 20 years building up and that he had committed no fraud against Punjab National Bank.Nirav was giving evidence in a separate civil trial at which he is accused of owing BOI in excess of $10.7 million (Rs 100 crore) via a personal guarantee he allegedly gave on a loan given to Firestar Diamond FZE. He denies he “knowingly and intentionally” signed the guarantee and says he does not owe BOI anything.Dressed in a smart suit, he arrived from prison and looked unfazed by Wednesday’s adverse extradition judgment. Israel Iran WarMiddle East conflict: One Indian dead, another injured by missile debris in Abu Dhabi‘Man who ran Strait of Hormuz’: Iran navy commander Alireza Tangsiri killed in Israeli strikeBab al-Mandeb: How the ‘Gate of Tears’ may emerge as Iran’s second choke point after HormuzHe took his oath on the Bhagavad Gita and put both hands through the dock bars as he read from a laptop.Beasley, representing BOI, asked him why he claimed there was no material adverse event for BOI to call in the BOI loan in 2018 given the allegations that appeared in the media about his companies and his alleged fraud against PNB at that time.“It started Feb 5,” Nirav replied. “That is when the media reported on it,” he said. “I remember the date. It was a life-changing event,” he said. “They said Rs 11,000 crore, it was Rs 6,000 core, there was no fraud, and I don’t think his amount would make the top 20 in India.”He then accused PNB of colluding with the CBI. “Normally there would be preliminary investigation and then an FIR — it is unheard of for an FIR to be filed without hearing from the complainee. On Feb 2 , I don’t think anyone was aware except the CBI. Maybe PNB was working with CBI as PNB put it on social media on Feb 3. On Feb 15, the ED pulled the plug on everything — no manufacturing or finance could continue. My business stopped and the ED and CBI seized and attached everything.”After the hearing, he told TOI he can’t comment on the extradition judgment.End of ArticleFollow Us On Social MediaVideosLPG Vessel ‘Apollo Ocean’ Carrying 16,000 Tonnes Of Cargo Docks In KarnatakaUS Lawmaker Brandon Gill’s Chhat Puja Remark Sparks Outrage, Indian Diaspora Hits Back Strongly’Only PM Modi Can…’: Ex-US Army Col Ridicules Pak’s Mediation Push In Iran War, Pitches India‘Get Serious Before It’s Too Late’, Trump To Iran; Indian Govt Says ‘Have Enough Fuel For 2 Months’West Asia Conflict: PM Modi To Chair Key Meet With CMs To Review Preparedness, PlansIAF Seeks Ultra-Light High-Altitude Drones To Enhance Garud Commandos Capabilities | WatchHow Precision Rockets Are Changing Modern Warfare | Pinaka System Explained’India Is An Oasis Of Energy Security’: Govt Says No Fuel Shortage, Warns Against Misinformation’China And India Cannot Be Moved Apart’: Chinese Envoy’s BIG Message To Delhi, Urges Good TiesIndia-US Defence Partnership Enters New Phase With Focus On Co-Development And Technology Sharing123PhotostoriesPM Narendra Modi loves Khichdi for regular meals: 5 traditional ways to add 20 gms more protein to the comfort mealFrom Instagram talaq to ‘Divorce’ perfume and rapper romance: Dubai Princess Sheikha Mahra’s fearless reinvention as a single momAre situationships hurting your mental health?From Jameel Jamali to Ram Prasad and Ravi Choudhary; Rakesh Bedi’s memorable roles in BollywoodObjectum sexuality: 10 bizarre incidents where people “Married” objectsWhat men really want! 5 things husbands secretly wish from their wivesDurandhar 2’s Rakesh Bedi aka Jameel Jamali’s 5 memorable shows: From Taarak Mehta Ka Ooltah Chashmah to Shrimaan ShrimatiWant puffed-up pooris every time? Chef Ranveer Brar reveals 2 simple tricks to follow5 versatile bikes that adapt to every terrain with precisionTired of Shimla-Manali? Try these offbeat hill stations instead this summer123Hot PicksKaroline LeavitTristan da Cunha8th Pay CommissionGold rate todayIncome Tax CalculatorPublic holidays April 2026Bank Holidays AprilTop TrendingOil Price TodayHyderabad MurderStrait of Hormuz Toll SystemDonald TrumpUAE Car InsuranceIndor Techie AccidentFlight Ticket Cancellation RulesWest Bengal ElectionLPG crisis reasonTransgender law
TOI correspondent from London: Nirav Modi appeared defiant in the dock in his Bank of India (BOI) trial on Thursday, saying that the banks, together with the CBI and ED, had destroyed the business he had spent 20 years building up and that he had committed no fraud against Punjab National Bank.Nirav was giving evidence in a separate civil trial at which he is accused of owing BOI in excess of $10.7 million (Rs 100 crore) via a personal guarantee he allegedly gave on a loan given to Firestar Diamond FZE. He denies he “knowingly and intentionally” signed the guarantee and says he does not owe BOI anything.Dressed in a smart suit, he arrived from prison and looked unfazed by Wednesday’s adverse extradition judgment. He took his oath on the Bhagavad Gita and put both hands through the dock bars as he read from a laptop.Beasley, representing BOI, asked him why he claimed there was no material adverse event for BOI to call in the BOI loan in 2018 given the allegations that appeared in the media about his companies and his alleged fraud against PNB at that time.“It started Feb 5,” Nirav replied. “That is when the media reported on it,” he said. “I remember the date. It was a life-changing event,” he said. “They said Rs 11,000 crore, it was Rs 6,000 core, there was no fraud, and I don’t think his amount would make the top 20 in India.”He then accused PNB of colluding with the CBI. “Normally there would be preliminary investigation and then an FIR — it is unheard of for an FIR to be filed without hearing from the complainee. On Feb 2 , I don’t think anyone was aware except the CBI. Maybe PNB was working with CBI as PNB put it on social media on Feb 3. On Feb 15, the ED pulled the plug on everything — no manufacturing or finance could continue. My business stopped and the ED and CBI seized and attached everything.”After the hearing, he told TOI he can’t comment on the extradition judgment.
