Mumbai, Mar 1: The residents of Mumbai will burn the effigy of billionaire diamond czar Nirav Modi, who is an alleged offender in the Punjab National Bank (PNB) Fraud. The effigy will be burned on Thursday by the residents of the BBD Chawl in Worli as part of the Holika Dahan ritual a day ahead of Holi celebrations. Holika Dahan signifies the victory of good over evil.  Also Read - Maharashtra Govt Eyes Suspension of Flight, Train Operations From Delhi And Gujarat | Final Decision Within a Week, Says Minister

The structure, which is more than 50-feet high, has been conceptualised by the residents. It shows Nirav Modi sitting on top of a pile that has the text – PNB fraud diamond king. Also Read - Anushka Sharma Steps Out in Mumbai For an Ad Shoot in Teal Green Gown, Her Pregnancy Glow is Unmissable

Nirav Modi, his uncle Mehul Choksi and some others have been accused of having siphoned off more than Rs 11,400 crore through 150 fake LoUs. On February 17, the CBI approached the Interpol to track Nirav Modi. After the CBI and Interpol, the Bureau of Immigration on Wednesday separately issued a lookout notice against the alleged kingpin of the largest banking scam in India.

Meanwhile, reports say Nirav Modi has given a ‘concrete plan’ to PNB to settle of his liabilities in the multi-crore fraud case. He has offered jewellery worth Rs 2,000 crore, current account deposits amounting to Rs 200 crore and immoveable properties of Rs 50 crore to settle of his liabilities.

Modi’s answer came in response to the bank’s letter asking to provide an implementable and concrete plan to return his dues, say reports.