PNB Fraud Will Collapse Just Like 2G Scam: Nirav Modi’s Lawyer
Nirav Modi’s lawyer is confident that his client will not be found guilty in the court.
The $1.77-billion fraud at the Punjab National Bank will collapse soon, billionaire jeweller Nirav Modi’s lawyer Vijay Aggarwal told newswire ANI while drawing a parallel to the 2G scam and Bofors cases.
Aggarwal said he is confident of his client’s innocence, who is one of the prime accused in the country's largest ever bank fraud.
Agencies are making noises in the media but they will not be able to prove the charges in a court of law.Vijay Aggarwal, Nirav Modi’s Lawyer
Punjab National Bank disclosed on Feb. 14 that the bank has been severely hit due to fraudulent transactions by Modi and related entities amounted to $1.77 billion or well over Rs 11,000 crore.
Later, it was revealed that the fraud extended past PNB to other lenders like State Bank of India, Union Bank of India, Axis Bank Ltd. and Allahabad Bank, all of whom had exposure to case, with UCO Bank having the highest exposure of about Rs 2,635 crore linked to the guarantees.
Also Read: The Banks That Have Exposure To PNB Fraud