Nirav Modi, a jewelry dealer who’s accused of stealing Rs 11,400 Crore from Punjab National Bank through international payment system SWIFT, was reportedly asked to come up with a plan to settle the loss.
The PSU bank on Thursday mailed Nirav Modi to come up with a plan to settle the massive damage caused due because of fraud LoUs (Letter of Undertaking) issued by few of the bankers in a Mumbai branch. The PNB has responded to the mail by Nirav Modi, who earlier wrote on how the bank’s over-zealousness to publicize the issue had tampered his brand which eventually wedged his ability to repay debt.
“You were getting LoUs issued illegally and in an unauthorized way through few bank officials. At no stage such facilities were extended by our bank to your three partner firms,” mailed Ashwani Vats of PNB by adding – “Your commitment and undertaking for sparing of the total liability was not backed by providing upfront amounts and timelines. However, should you have any concrete and implementable plan, do revert back.” Ashwani is a general manager (International Banking division) of Punjab National Bank.
It’s known that investigative agencies like Enforcement Directorate and Central Bureau of Investigation are pursuing this case. These agencies have already enforced FEMA and anti-money laundering cases against Nirav Modi.