'You were getting LoUs issued illegally,' says PNB in letter to Nirav Modi
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PNB has accused Nirav Modi of defrauding the bank of Rs 11,300 crores since 2011
PNB officials today sent a letter Nirav Modi accusing him of illegally using bank LoUs and declared he was guilty of FEMA violation and money laundering.
“You were getting Letter of Undertaking(LoUs) issued illegally and in an unauthorized way through few bank officials. At no stage such facilities were extended by our bank to the three partner firms," PNB said in its letter.
PNB has accused Nirav Modi of defrauding the bank of Rs 11,300 crores since 2011 with the help of bank officials who have since been arrested.
"When these illegal activities surfaced, they pointed out towards apparent violation ofForeign Exchange Regulation Act(FEMA) and money laundering aspect, the state bank said, adding,"As required by law, the bank was compelled to bring there activities to the notice of law and enforcement agencies which the bank did."
"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.”
The Enforcement Directorate meanwhile continued to crackdown on Nirav Modi's assets in the country.
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In addition to freezing shares and mutual funds worth Rs 94 crore belonging to Nirav Modi and Mehul Choksi, it also seized a number of luxury cars belonging to the duo.
In what could be the biggest banking fraud in India, state-owned Punjab National Bank has said it has detected a US $1.77 billion scam and billionaire jeweller Nirav Modi is at the centre of it. (WION Web Team)