Billionaire jeweller Nirav Modi has refuted allegations that he was involved in the scam that hit the state-run Punjab National Bank (PNB), his lawyer told Reuters on Tuesday.
Vijay Aggarwal, the lawyer for Modi, said that the transactions with PNB were documented and accusations made by the Central Bureau of Investigation had no truth in them. “Everything is documented,” Aggarwal told Reuters over telephone.
On being asked about his legal strategy, the lawyer said: “Until there is no chargesheet, there is no strategy. When there is a chargesheet, there will be a strategy.”
Modi has been accused by PNB and the CBI of conspiring with several employees of the bank to illegally obtain letters of undertaking to make payment to overseas suppliers.
As per a report in Economic Times citing news agency PTI, Nirav Modi has reportedly written a letter to the PNB management saying that the bank closed all his options to pay back the dues by going public.
Nirav Modi reportedly wrote in the letter that his companies owe the bank under 50 billion rupees, which is much lower than the amount claimed by PNB.
The letter said, “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.”
The fraud involves companies controlled by Nirav Modi and his relative Mehul Choksi, both of whom had fled the country before the scam was made public. The investigations conducted by the CBI led to several raids across Mumbai and New Delhi, targeting offices and homes linked to Modi and Choksi.