Billionaire jeweller Nirav Modi on Thursday has informed the Enforcement Directorate that he would be unable to depose before the investigating agency in the Rs 11400-billion PNB fraud, officials said Thursday.
The ED, in turn, slapped fresh charges on him.
Nirav Modi is at the centre of the fraud worth Rs 114 billion at the Punjab National Bank.
Earlier on Thursday, PNB responded to Nirav Modi’s claims about the bank closing all recovery options, saying it has followed lawful avenues to recover its dues. In a regulatory filing, it also said it has enough assets and capital to meet any liabilities arising from the fraud. “We have followed lawful avenues available to us as per law to recover our dues,” PNB said.
Earlier this week, in a letter, Modi had alleged that PNB’s overzealousness had shut the doors on his ability to clear the dues.
He had also said that the money he owed banks was less than Rs 50 billion and not what was publicised. He had also blamed the bank and its “anxiety to recover dues immediately”, for destroying his brand and business and closing all options for a possible repayment of dues.
Read our full coverage on Nirav Modi scam at PNB
The ED, in turn, slapped fresh charges on him.
Nirav Modi is at the centre of the fraud worth Rs 114 billion at the Punjab National Bank.
Earlier on Thursday, PNB responded to Nirav Modi’s claims about the bank closing all recovery options, saying it has followed lawful avenues to recover its dues. In a regulatory filing, it also said it has enough assets and capital to meet any liabilities arising from the fraud. “We have followed lawful avenues available to us as per law to recover our dues,” PNB said.
Earlier this week, in a letter, Modi had alleged that PNB’s overzealousness had shut the doors on his ability to clear the dues.
He had also said that the money he owed banks was less than Rs 50 billion and not what was publicised. He had also blamed the bank and its “anxiety to recover dues immediately”, for destroying his brand and business and closing all options for a possible repayment of dues.
Read our full coverage on Nirav Modi scam at PNB
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