Nirav Modi, founder and creative director of luxury diamond jewellery brand wrote to bankers and said that he will repaying the loans.
In the letter, Nirav Modi promised that he will repay all dues to lenders from proceeds of the Firestar Diamond sale.
Hailing from Gujarat, Modi founded Firestar Diamond with a glitzy retail business in top cities of the world, including Delhi, Mumbai, New York, London, Hong Kong and Macau.
ED has filed Rs 11,300 crore case against Nirav Modi, according to reports. Earlier it was reported that a Rs 280 crore case was filed. According to CNN-News18, Nirav Modi has written to banks saying that he will repay the loans. Reports say that he is ready to pay Rs 5,000 crore.
The Enforcement Directorate is currently conducting raids at the residence and offices of Nirav Modi and PNB, reports Moneycontrol's Tarun Sharma. The ED had earlier registered money laundering case against Nirav Modi and others in connection with the scam. Proceedings have begun against officials named in the FIR. Nirav Modi left India before PNB FIR.