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'Agencies will not be able to prove charges', says Nirav Modi's lawyer

By Vikas
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    Amid noise over the Rs 11,400 crore PNB scam involving Nirav Modi, the billionaire jeweller's lawyer on Tuesday said that the "case will collapse" and the "agencies will not be able to prove" the charges in the court.

    The multi crore scam is being probed by several agencies including the Central Bureau of Investigation, Enforcement Directorate, Income Tax Department among others.

    Nirav Modi's lawyer Vijay Aggarwal

    "Like 2G Scam and Bofors matter this case will also collapse. Agencies are making noises in the media but they will not be able to prove the charges in a court of law. I am sure NiravModi will not be found guilty," news agency ANI quoted Modi's lawyer Vijay Aggarwal as saying.

    Meanwhile, Modi, in a letter to the PSU bank, has said that PNB's overzealousness has shut the doors on his ability to clear the dues, which he claimed is much lower than the bank has gone public with. He claimed that the amount his companies owes to the bank under Rs 5,000 crore. The letter also refers to the extended discussions between him, his representatives and the bank officers and also his emails on February 13 and 15, 2018.

    The bank has named Modi's brother, his American wife Ami, and uncle Choksi besides some others in the FIR.

    [PNB closed all options to recover dues by going public: Nirav Modi]

    On the over Rs 11,000-crore loss claimed by PNB in the FIR, Modi said, "as you are aware, this is entirely incorrect and the liability of the Nirav Modi Group is substantially less. Even after your complaint was filed, in good faith I wrote to you saying please sell/allow me to sell Firestar Group, or their valuable assets, and recover the dues not just from Firestar Group, but also from the three firms."

    Valuing his domestic business at around Rs 6,500 crore, he said "this could have helped reduce/discharge the debt to the banking system," but quickly added that this is not possible as all his bank accounts have been frozen and assets have been sealed or seized.

    [PNB scam is no doubt the biggest, but so is the probe into it]

    On the other hand, a plea seeking an SIT probe into the scam has been filed in the Supreme Court. The plea seeks the establishment of an SIT comprising retired judges of the Supreme Court. In his petition, advocate, M L Sharma has sought for the probe stating that there was a serious fraud committed by the PNB while issuing Letters of Undertaking without proper surety or bank guarantee.

    The petitioner states that the PNB had issued LoUs without entering into bank records. He said that a dedicated SIT probe be initiated to get to the root of the matter.

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