PNB’s Hard Hitting Response To Nirav Modi


Mumbai: Punjab National Bank’s scathing and hard hitting response to Nirav Modi after he tried to blackmail them. In a letter to jeweller Nirav Modi, the bank made it clear that it will not give in to Nirav Modi’s blackmail. The letter was in response to Nirav Modi’s letter to the bank. In his letter to the bank after he left the country, Nirav Modi wrote, A national media report has accessed this.

“In the anxiety to recover your dues immediately, despite my offer, 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. Whatever may be the consequences I may face for my actions, the haste was, in my humble submission, unwarranted.”

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In its response, the Punjab National Bank hit back at Nirav Modi.

PNB’s letter to Nirav Modi:

“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 the 3 partner firms. When these illegal activities surfaced, they pointed out towards apparent violation of FEMA and money laundering aspect. 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.”

Ashwini Vats, General Manager PNB
International Banking Division, 4th floor East wing Corporation Office
Dwarka, New Delhi

It is alleged that Rs 11, 400 crore of LoUs were fraudulently issued to the firms of Nirav Modi and his uncle Mehul Choksi. The issuance of Letters of Undertaking (LoUs) to Nirav Modi group firms without sanctioned limits allegedly started during his tenure.

Source: Republic