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Nirav Modi scam: PNB asks for concrete repayment plan

Yatheendradas C.k. at 05:58 PM - Feb 15, 2018 ( ) Views: 223


Nirav Modi scam: PNB asks for concrete repayment plan from prime accused


Rejected 'vague offers' made recently


Punjab National Bank (PNB) has demanded a concrete repayment action plan from Nirav Modi, the prime accused in the Rs 11,300-crore 'Letter of Undertaking' scam, a top bank official said. "He (Nirav Modi) had last week sent us an email offering to repay the dues. We have asked him to come in person and we have not accepted the vague offers made by him. We have asked for a concrete repayment plan", Sunil Mehta, Managing Director & CEO, PNB told presspersons here.

Mehta said the scam had its origins in the year 2011 and came to light only in the the third week of January this year. "We approached CBI on January 29 this year and immediately filed an FIR," he said. Mehta also confirmed that most of the lenders who accepted the fraudulent 'Letter of Undertaking' were overseas branches of Indian banks and there was only one pure play foreign lender. "We are in the recovery mode and looking to protect the financial interest of all lenders," he said.

Mehta declined to confirm whether the Enforcement Directorate had on Thursday raided the concerned PNB branch in Mumbai or not. He, however, said ED was already raiding the premises of Nirav Modi and seizing current assets. Asked if PNB had any fund-based exposure to Nirav Modi-led firms or Mehul Choksi firms, Mehta said the total exposure of the bank towards them stood at Rs 1,700 crore.


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