Punjab National bank has dismissed a settlement offer from Nirav Modi, accused of fraud of a Rs 12,600 and informed him to repay entire amount owned it. In an e-mail by Nirav Modi, he has mentioned jewelry worth Rs 2,000 crore, current account deposits of Rs 200 crore and immovable properties of Rs 50 crore to settle part of his liabilities. The PNB general manager responded strongly through e-mail, he wrote, “You are aware of the amount of the fraud committed by you and yet you propose to pay the paltry amount with no proposal or ability to pay the remaining amount.Your recent alleged proposal to repay some amount is vague and only an effort to gain time by adopting delaying tactics”.
The bank has warned Modi that if he will not disclose details of immoveable properties, fixed deposits account and current accounts will be used to clear part of his dues. “Your proposal lacks bonafides, genuineness and even credibility,” wrote Vats.
Modi has also mentioned in his e-mail to take over his companies’ management in order to clear liabilities of his employees. On this bank responded that this is his problem, not its.
The bank has also denied the charge that by reporting the fraud to the RBI and CBI it diminished the value of Modi’s business and brand.