New Delhi, Feb 20: Nirav Modi, the alleged kingpin of the largest banking scam in the history of India, on Monday wrote to the Punjab National Bank (PNB) and accused it of destroying his business. In a letter, dated February 15/16, the celebrity jeweller Modi requested the bank to let him pay the salaries to his 2,200 employees from the balance available in the current accounts of the Nirav Modi Group. “The matter is being described as India’s largest banking fraud. This is far from the truth,” he said. (Read FULL LETTER) Also Read - Mumbai's Arthur Road Jail Awaits Nirav Modi, Keeps Special Cell Barrack Number 12 Ready

The diamond czar even requested the PNB to “be fair, and support his efforts to make good all the amounts that are found due by his group to all banks.” He claimed that the haste and “overzealousness” in recovering dues was “unwarranted”. (Also Read: Arrested PNB Official Shared Bank’s Password With Nirav Modi’s Company) Also Read - PNB Scam Case: After Nirav Modi Loses Legal Fight, India Says Will Liaise With UK For His Early Extradition | Key Points

Defending his family and relatives, Modi said that his brother and wife are not at all concerned with the business operations and are wrongly named in the case. Also Read - Nirav Modi To Be Extradited To India As UK Judge Accepts India's Prison Safety Assurance | Highlights


1. Businessman Nirav Modi said that the PNB’s “overzealousness” in recovering the dues has closed all of his options to pay back.

2. Modi said, “In the anxiety to recover your dues immediately, despite my offer (on February 13, a day before the public announcement, and on February 15,) your actions have destroyed my brand and the business and have now restricted your ability to recover all the dues leaving a trail of unpaid debts.” (Also Read: No Response From Nirav Modi, Others to ED Summon in PNB Fraud Case)

3. The diamond businessman, who left the country before the PNB filed a complaint against him, said, “The erroneously cited liability resulted in a media frenzy which led to immediate search and seizure of operations, and which in turn resulted in Firestar International and Firestar Diamond International effectively ceasing to be going-concerns. This thereby jeopardised our ability to discharge the dues of the group to the banks.”

4. Nirav Modi also claimed that the dues are much lower than Rs 11,400 crore, the amount the bank has gone public with. The business claimed that said that the amount of money that his firm owes to the bank is a little over than Rs 5,000 crore. Modi valued his dues to be around Rs 6,500 crore. (Also read: Top Executives of Mehul Choksi’s Gitanjali Gems Quit Citing Personal Reasons)

5. Modi also cited a number of discussion between him, between his representatives and the bank officers.

6. About the amount claimed by the PNB, 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.”

7. Citing the conversation where he asked for the permission to sell Firestar Group or their valuable assets for the recovery of dues, he said, “Yesterday, FIPL and FDIPL’s inventory has been seized by the authorities. As per press reports the valuation of the is Rs. 5,649 crores. These, and other assets of FIPL/FDIPL and the three firms (including receivables and assets seized) could have settled all the amounts due to banks. However, now that stage appears to have passed, and there is generally panic.” He added that this is no longer possible as all his bank accounts had been frozen.

8. In the letter, Modi claimed that his wife and brother are not connected with the business operations. “My wife is not connected with any business operations at all and she has been wrongly named. My uncle is also wrongly named in this complaint since he has an independent and unconnected business and none of them are aware or concerned with my dealings with your bank.”

9. Modi added that despite his offer on Feb 13, a day before the scam went public, it was the bank’s anxiety to recover dues immediately.

10. He accused the bank of destroying his business and the brand.