You Destroyed My Brand, Closed All Options To Recover Dues By Going Public: Nirav Modi Letter to PNB

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After PNB Exposed the scam of Rs. 11,400 which was going since 2010 internally and find Nirav Modi as the main suspect in the fraud. Now, Nirav Modi came in front regarding the fraud and wrote a letter to the PNB.

Modi blamed the bank in his letter to the management for destroying his brand in the market and now it is not possible for him to pay the due by going public.

The scam came to light on February 14, when PNB confirmed for detecting the fraud of Rs. 11,400 in its Mumbai Branch and disclosed the name of fraudsters behind the scam as Nirav Modi and his uncle Mehul Choksi.

After the complaint by the bank, CBI registered the case against Modi family who left the country in January before the fraud came to light.

The bank had already seized all the accounts and assets of Nirav Modi.

Modi in his letter to PNB requested the bank to allow him to sell his Firestar group and other three firms which value around Rs. 6500 crore so, that he could repay the debt at some extent. Also, he requested the bank to allow him to pay the salaries to his 2200 employees from his account which bank had seized.

According to the sources, Modi has also mentioned in the letter that there is no involvement of his wife in any of his business operations also, Mehul Choksi his uncle has a different business and don’t have any idea regarding the transactions made by him.

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