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  1. PNB Rs 11,400 crore scam: Nirav Modi tells employees to look for other jobs as he can’t pay dues

PNB Rs 11,400 crore scam: Nirav Modi tells employees to look for other jobs as he can’t pay dues

Even as India’s biggest banking fraud to the tune of Rs 11,400 crore allegedly committed by Nirav Modi, the beleaguered billionaire diamond businessman has written a letter to employees asking them to look for other jobs, as he will not be able to pay their salaries.

By: | Published: February 21, 2018 10:50 AM
Nirav Modi PNB scam,. pnb fraud case, RBI data, banking loan frauds, latest news on nirav modi, RBI audit , SWIFT messages  “I am also concerned at the speed with which events are moving which make me concerned about the fairness of the processes that are being followed,” Nirav Modi writes in letter to employees. (Image: Reuters)

Even as India’s biggest banking fraud to the tune of Rs 11,400 crore allegedly committed by Nirav Modi, the beleaguered billionaire diamond businessman has written a letter to employees asking them to look for other jobs, as he will not be able to pay their salaries, given that his bank accounts and other assets have been frozen by the administration, according to a report in the Hindustan Times. Interestingly, this is the second communication after the unfolding of the scam received from prime accused Nirav Modi, who had previously written to India’s second largest lender Punjab National Bank, stating that the unpaid dues are much lower than what the bank publicly claims, and  ‘overzealousness from PNB’ jeopardised his company’s ability to pay unpaid dues to the lenders.

In the second email letter, which was reportedly confirmed by an official associated with Nirav Modi’s legal team, the tainted diamond czar states that he is concerned with the speed at which events are moving. “I am also concerned at the speed with which events are moving which make me concerned about the fairness of the processes that are being followed,” Hindustan Times reported quoting Nirav Modi’s letter.

Notably, after the Central Bureau of Investigation registered FIRs against Nirav Modi and his uncle Mehul Choksi on charges of defrauding Punjab National Bank in the near Rs 11,400 crore, the Enforcement Directorate (ED) has so far seized gems, gold and other precious stones worth around Rs 5,700 crore from companies and stores of the two prime accused.

“As of now, because of seizure and removal of all stocks in factories and showrooms, and freezing of bank accounts, we shall not be in a position to pay your dues, and it would be right on your part to look for other career opportunities,” wirtes Nirav Modi.

In the same letter, Nirav Modi has also pointed out that his accountant, who was more than 64 years old and a heart patient, was arrested by the CBI. The Central Bureau of Investigation yesterday reportedly questioned a senior PNB official in connection with its probe into the fraud.

However, while Nirav Modi said that he is currently not in a position to pay the dues, the businessman said that he is ‘committed to repay past dues of the employees. “I hope that we will be able to re-associate ourselves in better days. But, I make it clear that I am committed to pay your past dues, if any, once I have access to stocks and the bank accounts,” the newspaper reported Nirav Modi as saying.

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