Nirav Modi, the alleged kingpin of the largest banking scam first ever in the entire history of India, on the last Monday he wrote to the Punjab National Bank (PNB) and accused the bank of destroying his business.
In a letter, of the 15th and 16th February 15/16, the celebrity jeweller Nirav Modi, requested the bank to let him pay the salaries to his 2,200 employees from the balance that he is right now having on his current accounts which are known as the Nirav Modi Group.
“The matter is being described as India’s largest banking fraud. This is far from the truth,” he said in the various media statement. PNB Scam Rs 11,000 Crore Fraud
The diamond czar even requested the PNB to “be fair, and support his efforts to make good all the amounts that are found due by his group to all banks.” He claimed that the haste and “overzealousness” in recovering dues was “unwarranted”.
Nirav Modi also seen supporting and defending his own family and relatives, Modi stated that his brother and wife are not at all concerned with the business operations and he also said that his family’s name wrongly dragged by media in this case reportedly.
THE 10 THINGS DIAMOND CZAR NIRAV MODI WROTE TO PUNJAB NATIONAL BANK
1). The Businessman Nirav Modi stated that the PNB’s “overzealousness” in recovering the dues which already closed all of his options in order to pay back the same.
2). The business tycoon Nirav Modi said, “In the anxiety to recover your dues immediately, despite my offer (on February 13, a day before the public announcement, and on February 15,) your actions have destroyed my brand and the business and have now restricted your ability to recover all the dues leaving a trail of unpaid debts”.
3). The diamond businessman, already left the nation even before the PNB filed a complaint against him, told to the several media houses, “The erroneously cited liability resulted in a media frenzy which led to immediate search and seizure of operations, and which in turn resulted in Firestar International and Firestar Diamond International effectively ceasing to be going-concerns. This thereby jeopardized our ability to discharge the dues of the group to the banks.”
4). Nirav Modi also said about the dues are much lower than Rs 11,400 crore, the amount from the bank will be going to the public. The business claimed about the amount of money which he owes on his bank to the farm which is approximately around little bit more money than Rs 5,000 crore. Modi valued his dues and said this is all around Rs 6,500 crore.
5). Modi also speaks about some of the crucial discussion between him, between his representatives and the bank officers which is also he regarded as important.
6). About the amount of money so let me tell you Nirav Modi said regarding the PNB, Modi said, “As you are aware, this is entirely incorrect and the liability of the Nirav Modi Group is substantially less. Even after your complaint was filed, in good faith I wrote to you saying please sell/allow me to sell Firestar Group or their valuable assets, and recover the dues not just from Firestar Group, but also from the three firms.”
7). And Nirav Modi also took forward this conversation when he was asked for the permission to sell Firestar Group or their valuable assets in order to recover his dues, he stated, “Yesterday, FIPL and FDIPL’s inventory has been seized by the authorities. As per press reports, the valuation of the is Rs. 5,649 crores. These and other assets of FIPL/FDIPL and the three firms (including receivables and assets seized) could have settled all the amounts due to banks. However, now that stage appears to have passed, and there is generally panic.” He added that this is no longer possible because almost all accounts of him have been frozen.
8). In the letter, Modi also mentioned about his wife and brother are not connected with him on his business which Nirav Modi also make cleared. “My wife is not connected with any business operations at all and she has been wrongly named. My uncle is also wrongly named in this complaint since he has an independent and unconnected business and none of them are aware or concerned with my dealings with your bank.”
9). Modi also added in his statement that in spite of his offer on Feb 13, a day before the scam makes headlines, it was the bank’s anxiety and tension was to recover dues immediately.
10). He accused the bank that the bank destroyed and ruined his business and the brand.
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