'Pay Rs 7300 crore with interest to Punjab National Bank': Pune DRT directs Nirav Modi

The order was passed by presiding officer/judge Deepak Thakkar in two cases registered by PNB in Mumbai. Thakkar holds additional charge of DRT in Mumbai.

Published: 06th July 2019 03:34 PM  |   Last Updated: 06th July 2019 03:34 PM   |  A+A-

Nirav Modi, PNB

Nirav Modi took huge amount of money just on the basis of Letters of Undertaking from PNB bank. (File Photo)

By ANI

PUNE: Pune's Debt Recovery Tribunal (DRT) on Saturday passed an order asking fugitive diamantaire Nirav Modi and his aides to pay Rs 7300 crore with interest to Punjab National Bank (PNB).

The order was passed by presiding officer/judge Deepak Thakkar in two cases registered by PNB in Mumbai. Thakkar holds additional charge of DRT in Mumbai.

One more case of alleged fraud around Rs 1700 crores was registered by PNB against Nirav Modi and is pending before the DRT in Mumbai.

The development comes less than a week after the Singapore High Court ordered the freezing of a bank account belonging Modi's sister and brother-in-law.

On the request of the Enforcement Directorate (ED), the high court had directed the freezing of balance of USD 6.122 million (Rs 44.41 crore) in the account maintained in Singapore by Pavilion Point Corporation, a company owned by Mayank Mehta and Purvi Modi, ED had said on Tuesday.

ALSO READ | PNB scam: Singapore HC orders freezing bank account of Nirav Modi's family

The diamantaire was arrested on March 19 by Scotland Yard in connection with the USD two billion PNB loan default case.

India is seeking Modi's extradition to make him face the law of the land for allegedly committing economic offences like fraud and money laundering.

Modi is lodged at Wandsworth prison in south-west London.

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