Nirav Modi’s lawyer told Reuters on Tuesday that billionaire jeweler Nirav Modi refutes accusations that he was involved in Rs 11,400Cr loan fraud at Punjab National Bank (PNB). The authorities have alleged that Modi and others conspired with some employees of the state-run bank to falsely get advances for paying overseas suppliers.
Nirav Modi’s lawyer Vijay Aggarwal has said all the transactions with PNB were documented and allegations made by the Central Bureau of Investigation were wholly wrong. “Everything is documented,” Aggarwal told Reuters over telephone. “Until there is no chargesheet, there is no strategy. When there is a chargesheet, there will be a strategy,” Aggarwal said when asked about his legal strategy. The lawyer’s remark comes following Modi reportedly said PNB closed all his routes to pay back the dues by going public. Circulating on WhatsApp, Modi reportedly wrote a letter that said his companies owe the bank much lesser than the amount showed by PNB.
“The erroneously cited liability resulted in a media frenzy which led to immediate search and seizure of operations, and which in turn resulted in Firestar International and Firestar Diamond International effectively ceasing to be going-concerns. This thereby jeopardized our ability to discharge the dues of the group to the banks,” Modi wrote in the letter supposedly addressed to PNB management. India’s No.2 state-run bank ‘PNB’ said last week that it found fraudulent transactions that allegedly involved firms controlled by Modi and his relatives.