Nirav Modi terms PNB scam 'civil transaction'

Nirav Modi, a prime accused in the multi-crore PNB fraud case on Saturday said that he has done nothing wrong and that the scam was a "civil transaction" which is now being blown out of proportion.

Modi, on Saturday, filed a response before the PMLA court opposing the Enforcement Directorate's complaint to have him declared a "fugitive economic offender" under the Fugitive Economic Offenders Act.

In the response, the absconding diamantaire also stated that he is unable to fly back to India citing security reasons.

Modi and his uncle Mehul Choksi, who are wanted in India for loan default, fled the country in the first week of January last year after their companies were found cheating the state-run PNB of Rs 13,000 crore.

The duo has not returned to India since then despite repeated summons from probe agencies and courts.

Modi is said to be in London while Choksi is residing in the Caribbean country of Antigua and Barbuda. The government has also sent formal requests to both seeking their extradition.