Nirav Modi, the Jeweler who has been accused of cheating Rs 12,000 crore from the Punjab National Bank has written a letter in which he accuses it of destroying his brand by limiting his time to recover from the dues. Nirav fled from the country in early January, just as the inquires by the CBI were beginning. He has also stated that the dues are being over-estimated by the Bank, saying that they’re incorrect in their assumptions and that the liability of the company is less. He wrote in his letter,  “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 jeopardised our ability to discharge the dues of the group to the banks. In the anxiety to recover your dues immediately, despite my offer (on February 13, a day before the public announcement, and on 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.”

Nirav also wrote that he discussed the matter with his family members on several occasions too. Punjab National Bank had began to have doubts about the company, and complained to the CBI, which in turn carried out raids and searches in the premises of Modi’s homes and offices. The Bank has also alleged that some officials within its establishments were in Cahoots with Modi, thus allowing the scam to continue for so long.

About the author

Abhishek Rana

Since my early childhood, I’ve loved writing, watching movies and having an opinion. Now, I do it professionally. Always looking for new ways to challenge myself.

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