PNB Going Public On Money Owed Has Jeopardised Its Recovery: Nirav Modi

| February 20 , 2018 , 08:20 IST

Famous jeweller Nirav Modi accused of scamming Punjab National Bank (PNB) of around Rs 11,400 crore left India in January 2018, a full month before the details of the scam were made public by the bank. In a letter to PNB management, Modi has said that by making details of the alleged 'scam' public, the bank has lost chances of recovering all the dues from him and his group, which are much less than the amount claimed by the bank.

In a letter to the Punjab National Bank management written by Nirav Modi on February 15 quoted by PTI, he estimated that the money his companies owe to the bank is under Rs 5,000 crore, which was "erroneously cited" by the bank as Rs 11,400 crore.

"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," Nirav Modi wrote in the letter.

ALSO READ: INTERPOL Issues Diffusion Notice In PNB Fraud Case For Nirav Modi, Wife, Brother & Business Partner

"This thereby jeopardised our ability to discharge the dues of the group to the banks," he wrote.

"In the anxiety to recover your dues immediately, despite my offer (on February 13, a day before the public announcement, and on 15) your actions have destroyed my brand and the business and have now restricted your ability to recover all the dues leaving a trail of unpaid debts," the jeweller wrote.

Regarding the more than Rs. 11,000 crore loss claimed by PNB in the FIR, Modi said, "As you are aware, this is entirely incorrect and the liability of the Nirav Modi Group is substantially less."

About the valuables worth Rs 5,649 crore that were seized during raids on his properties and offices, Modi said, "These, and other assets of the group and the three firms could have settled all the amounts due to banks. However, now that stage appears to have passed."

ALSO READ: Congress: If PMO Was In The Know Of The PNB Scam Why Did They Allow Nirav Modi To Escape?

Pegging the value of his domestic businesses at around Rs. 6,500 crore, Modi said, "This could have helped reduce/discharge the debt to the banking system," adding that now it would not be possible since all his bank accounts have been frozen and assets sealed or seized.

"My wife is not connected with any business operations at all and she has been wrongly named. My uncle is also wrongly named in this complaint since he has an independent and unconnected business and none of them are aware or concerned with my dealings with your bank," Nirav Modi said on the FIRs against his wife Ami and uncle Mehul Choksi.

The second largest state-run bank in India, Punjab National Bank had on February 14 informed the stock exchange that it had detected a fraud of $1.77 billion (Rs 11,400 crore) at its Mumbai branch. The fraud was later linked with Nirav Modi and his chain of businesses and a series of fraudulent LOUs (Letter of Understanding) issued to Modi and his group.

Kristien Kemps

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He knows if US opens any fraud investigation, then he and his family will have no-where to go on this planet.. However point is clear, Nirav Modi tried blackmailing PNB to settle the dues in less than half.. He thought that Narendra Modi govt will never go public considering his association with other big businesses, his name carries common "Modi" brand which may get damaged and his tricks of getting photoshot during WEF.. But NaMo is Namo.. This is the masterstroke by Modi Govt to eliminate this leech.