NEW DELHI: A day after Nirav Modi just about dominated out repaying the Rs 11,300 crore he owes to Punjab National Bank, his recommend Vijay Aggarwal cocked a snook on the government and mentioned the cases filed by the CBI and the ED against his shopper would "collapse" like those associated with the 2G rip-off, Bofors and Aarushi.
"They (PNB and investigating agencies) are just making noise. There is nothing that proves Nirav Modi is guilty," Aggarwal mentioned, arguing that his shopper was once not responsible of "any wrongdoing". He additionally mentioned that the diamond trader, who now options on the nation's most-wanted list, had not fled. Nirav was once out as he had to run his "global operations", contended Aggarwal, who had defended lots of the accused in the 2G case, mentioned.
Asserting that PNB may not "claim ignorance" concerning the bills remitted abroad on the foundation of Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs) issued by retired deputy supervisor Gokul Nath Shetty from its Brady House branch in Mumbai, Aggarwal mentioned, "Other banks (branches of Indian banks abroad) didn't pay the providers (of Nirav Modi) but to the Nostro account of PNB, and the PNB itself paid the providers, it can't declare lack of understanding.
"It's a branch headed by an assistant normal supervisor rank officer. Shetty had a first-rate supervisor and AGM above him. The financial institution amassed crores of rupees in financial institution charges on the buyers' credit facility (prolonged to 3 Nirav corporations)," Aggarwal told TOI over telephone from Dubai. Bechhu Tiwari, who was once chief supervisor and accountable for the foreign exchange division of the financial institution, has been arrested and is being wondered about Shetty's activities.
Asked if his shopper planned to go back, Aggarwal, who is in Dubai to organize Nirav's defence along with different legal professionals, refused to comment.
Aggarwal's feedback got here after Nirav wrote to PNB announcing that the financial institution had exaggerated the outstanding on his corporations and by going public, it had shut the door on his talent to transparent the dues.
"The erroneously cited liability led to a media frenzy which resulted in fast seek and seizure of operations, and which in turn led to Firestar International and Firestar Diamond International successfully ceasing to be going considerations.
This, thereby, jeopardised our talent to discharge the dues of the group to the banks," Nirav, who left the rustic along with his family in the first week of January, wrote to the PNB control on February 15.
"They (PNB and investigating agencies) are just making noise. There is nothing that proves Nirav Modi is guilty," Aggarwal mentioned, arguing that his shopper was once not responsible of "any wrongdoing". He additionally mentioned that the diamond trader, who now options on the nation's most-wanted list, had not fled. Nirav was once out as he had to run his "global operations", contended Aggarwal, who had defended lots of the accused in the 2G case, mentioned.
Asserting that PNB may not "claim ignorance" concerning the bills remitted abroad on the foundation of Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs) issued by retired deputy supervisor Gokul Nath Shetty from its Brady House branch in Mumbai, Aggarwal mentioned, "Other banks (branches of Indian banks abroad) didn't pay the providers (of Nirav Modi) but to the Nostro account of PNB, and the PNB itself paid the providers, it can't declare lack of understanding.
"It's a branch headed by an assistant normal supervisor rank officer. Shetty had a first-rate supervisor and AGM above him. The financial institution amassed crores of rupees in financial institution charges on the buyers' credit facility (prolonged to 3 Nirav corporations)," Aggarwal told TOI over telephone from Dubai. Bechhu Tiwari, who was once chief supervisor and accountable for the foreign exchange division of the financial institution, has been arrested and is being wondered about Shetty's activities.
Asked if his shopper planned to go back, Aggarwal, who is in Dubai to organize Nirav's defence along with different legal professionals, refused to comment.
Aggarwal's feedback got here after Nirav wrote to PNB announcing that the financial institution had exaggerated the outstanding on his corporations and by going public, it had shut the door on his talent to transparent the dues.
"The erroneously cited liability led to a media frenzy which resulted in fast seek and seizure of operations, and which in turn led to Firestar International and Firestar Diamond International successfully ceasing to be going considerations.
This, thereby, jeopardised our talent to discharge the dues of the group to the banks," Nirav, who left the rustic along with his family in the first week of January, wrote to the PNB control on February 15.
PNB fraud: Cases against Nirav Modi will collapse, asserts counsel
![PNB fraud: Cases against Nirav Modi will collapse, asserts counsel]()
Reviewed by Kailash
on
February 21, 2018
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