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Supreme Court to hear PNB fraud case on Friday

The Supreme Court has agreed to list the Punjab National Bank fraud case on an urgent basis. Lawyer Vineet Dhanda…

Supreme Court to hear PNB fraud case on Friday

Supreme Court of India (Photo: IANS/File)

The Supreme Court has agreed to list the Punjab National Bank fraud case on an urgent basis. Lawyer Vineet Dhanda had filed a PIL seeking to bring back prime accused in the case Nirav Modi to India in two months.

The top court will take up the plea for hearing on Friday (23 February) and a bench led by Chief Justice of India Dipak Misra will hear the plea.

According to media reports, the plea also demands that action should be taken against PNB top brass along with RBI officials. It also seeks that guidelines for sanctioning of loans of amount higher than Rs 10 crore by banks must be framed.

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Meanwhile, Nirav Modi, who is at the centre of the Rs. 11,500-crore banking fraud, has stated that the PNB’s overzealousness has shut the doors on his ability to clear the dues, which he claimed were much lower than the amount stated by the bank.

In a letter to the PNB management, a copy of which PTI has seen, Nirav Modi has pegged the amount that his companies owe the bank at under Rs. 5,000 crore.

“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 jeopardised our ability to discharge the dues of the group to the banks,” said Nirav Modi, who left the country along with his family in the first week of January.

“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,” he said.

The letter also refers to the extended discussions between him, and between his representatives and the bank officers and also his emails on February 13 and 15, 2018.

(With agency inputs)

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