PNB fraud: Cases against Nirav Modi will collapse, asserts counsel | India News


NEW DELHI: A day after Nirav Modi nearly dominated out repaying the Rs 11,300 crore he owes to Punjab National Lender, his counsel Vijay Aggarwal cocked a snook at the federal government and reported the conditions filed by the CBI and the ED from his client would “collapse” like individuals related to the 2G rip-off, Bofors and Aarushi.

“They (PNB and investigating agencies) are just building noise. There is almost nothing that proves Nirav Modi is responsible,” Aggarwal reported, arguing that his client was not responsible of “any wrongdoing”. He also reported that the diamond trader, who now features on the country’s most-wanted checklist, experienced not fled. Nirav was out as he experienced to operate his “international operations”, contended Aggarwal, who experienced defended quite a few of the accused in the 2G situation, reported.

Asserting that PNB could not “assert ignorance” about the payments remitted overseas on the foundation of Letters of Endeavor (LoUs) and International Letters of Credit rating (FLCs) issued by retired deputy supervisor Gokul Nath Shetty from its Brady Household branch in Mumbai, Aggarwal reported, “Other banks (branches of Indian banks overseas) failed to pay out the suppliers (of Nirav Modi) but to the Nostro account of PNB, and the PNB by itself paid out the suppliers, it simply cannot assert ignorance.

“It is a branch headed by an assistant standard supervisor rank officer. Shetty experienced a chief supervisor and AGM earlier mentioned him. The bank gathered crores of rupees in bank costs on the buyers’ credit score facility (extended to a few Nirav companies),” Aggarwal told TOI more than telephone from Dubai. Bechhu Tiwari, who was chief supervisor and in cost of the fx division of the bank, has been arrested and is staying questioned about Shetty’s actions.

Requested if his client prepared to return, Aggarwal, who is in Dubai to get ready Nirav’s defence alongside with other legal professionals, refused to comment.

Aggarwal’s remarks came after Nirav wrote to PNB saying that the bank experienced exaggerated the exceptional on his corporations and by going community, it experienced shut the doorway on his skill to clear the dues.

“The erroneously cited legal responsibility resulted in a media frenzy which led to quick lookup and seizure of operations, and which in switch resulted in Firestar Intercontinental and Firestar Diamond Intercontinental efficiently ceasing to be going worries.

This, thus, jeopardised our skill to discharge the dues of the group to the banks,” Nirav, who left the country alongside with his household in the very first 7 days of January, wrote to the PNB administration on February 15.



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