Nirav Modi borrowing £150, 247 to pay back fine

Wednesday 15th March 2023 08:26 EDT

Nirav Modi, a former billionaire diamantaire, has reportedly been forced to pay fees for the appeal of his extradition and is now taking out loans to pay back a fine of £150,247.

Nirav (51) appeared via video link from HMP Wandsworth at Barkingside Magistrates' Court in east London and represented himself without a lawyer due to the fact that he had not paid the fees of £150,247 for an unsuccessful appeal against his extradition. The costs order was made by the extradition proceedings judge on January 9, the court heard, and he was ordered to pay it within 28 days and had not done so. Instead, he made a payment offer of £10,000 every month, which the fine team refused; as a result, he was brought before the court. When the court requested his UK address, he responded that he did not have one. Nirav responded, "All my assets have been blocked and I am unable to afford my legal bills," when asked why he hadn't paid.

He was asked why his assets were frozen and he replied: “Most of my assets are in India where I have been living and working for the past 30 years, and my assets have been frozen for the past four years in India because of bogus allegations against me.” When asked where he would get the £10,000 per month, he said: “I am borrowing and have been for past two years. I have been in prison for four years - and after my first two years’ funds dried up so borrowing since then (sic). ” The bench ruled Nirav can pay £10,000 per month for six months and then a review hearing would be held.

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