Debt Recovery Tribunal Directs Nirav Modi, Partners To Pay Over Rs 7,200 Crore
The Debt Recovery Tribunal directed fugitive diamond merchant Nirav Modi, who is currently lodged in a London prison, and his aides to pay over Rs 7,200 crore with interest to the defrauded Punjab National Bank Ltd.
Modi is a willful defaulter who is wanted in India as the main accused in the Punjab National Bank fraud and money laundering case amounting up to $2 billion.
Presiding Officer Deepak Thakkar, who holds additional charge of Debt Recovery Tribunal, Mumbai, passed two orders in two cases in favour of the state-run lender.
Passing another order, the judge directed Modi and others to pay Rs 232.15 crore to PNB with an interest of 16.20 percent from July 27, 2018.
An official from the tribunal said the recovery officers with the tribunal will initiate further action.
Modi was arrested by uniformed Scotland Yard officers in central London on March 19. He faces extradition to India as the “principal beneficiary” of the fraudulent issuance of letters of undertaking as part of a conspiracy to defraud PNB and then laundering the proceeds of crime.
The diamantaire has been behind bars at one of England’s most overcrowded prisons—Her Majesty’s Prison Wandsworth.