Mumbai (Maharashtra): Though efforts are on to nab Nirav Modi and Mehul Choksi, who fled India after allegedly defrauding the country's leading bank, Punjab National Bank, of Rs 15,423.39 crore, the bank, which has been fined Rs 15,000 crore, is yet to recover a single penny from the duo.
RTI activist Jitendra Ghadge had sought details from the Punjab National Bank (PNB) about the loans given to Mehul Choksi and Nirav Modi. While responding to the RTI query, PNB clarified that Nirav Modi had been given a loan of Rs 7,409, crore 7 lakh 25 thousand 776 from the Punjab National Bank.
Mehul Choksi, on the other hand, was given a loan of Rs 8,014 crore 32 lakh 41 thousand 616. However, it has been clarified that Punjab National Bank has not received a single rupee from these two again.
Waiting for the PNB to seize the assets confiscated from the ED
Investigators have seized most of the assets of Nirav Modi and Mehul Choksi. It was also clarified under RTI that Punjab National Bank did not get possession of the assets confiscated from the ED. Nirav Modi's family has filed a suit in the High Court against some of the expensive paintings, bungalows and vehicles seized by the ED. As no decision has been taken yet, PNB Bank has not been able to auction the assets.
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Scam came to light in February 2018
A financial scam came to light in February 2018 in the case of Nirav Modi and Mehul Choksi, who absconded after allegedly defrauding Punjab National Bank of Rs 15,000 crore. Even after two and a half years, Punjab National Bank has not been able to recover a single rupee from both of them.
The bank has filed a case against Nirav Modi and Mehul Choksi.
Ghadge said that PNB Bank did not respond to a query on how much money has been spent on the case so far.
A case is being fought against Nirav Modi and Mehul Choksi. M/S Shardul Amarchand Mangaldas and Company law firm are also looking into the legal battle in this regard on behalf of Punjab National Bank.
Nirav Modi jailed in England
Nirav Modi has been declared a fugitive economic criminal from India. Interpol has issued a notice against him. He has been charged in England. Currently, Nirav Modi is lodged in a local jail. The Indian investigation agencies are trying to complete the legal aspects of his extradition.
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