Nirav: PNB has closed all options of recovering dues by going public

Nirav modi the kingpin behind the largest banking scam in the country history has virtually told Punjab national bank to forget about recovering the money he owes. Infact he claimed that Rs 11,000 crore liability cited by PNB in a loan fraud case is far higher than what is owed.In the letter, Modi has appealed to the bank to support his efforts to repay debt. On January 31, the CBI had registered a first information report saying two PNB employees had colluded with companies linked to Modi in illegal transactions that allowed the firms to raise funds abroad.

In a subsequent note to the exchanges, PNB had said the transactions could be over Rs 11,000 crore.

“The media suggests that the liability of the Nirav Modi Group is over Rs 11,000 crores. As you are aware, this is entirely incorrect and the liability of the Nirav Modi Group is substantially less. Even after your complaint was filed, in good faith I wrote to you saying please sell/ allow me to sell Firestar Group (Modi’s flagship company), or their valuable assets, and recover the moneys that may be found due not just from Firestar Group, but also from the three firms. The valuation of the business was approximately Rs 6,500 crores which could have helped reduce/discharge the debt to the banking system,” he said.

 

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