PNB makes first recovery of Rs 24 cr in Nirav Modi fraud case in US

This was the maiden corporate fraud case abroad that MCA intervened in; Rs 82 cr in all will be distributed among unsecured creditors, including PNB, after assets of tainted group are liquidated

Punjab National Bank (PNB) has made its first recovery of around Rs 24 crore in the Nirav Modi fraud litigation case in the United States.

"PNB has informed the Ministry of Corporate Affairs (MCA) which spearheaded the corporate governance litigation in a foreign jurisdictional court, that it has received $3.25 million (about Rs 24.33 crore) as the first tranche of recoveries," the corporate affairs ministry said in a statement on Tuesday.

This was the maiden case of corporate fraud in an overseas territory that the Ministry of Corporate Affairs intervened in. 

The government said that a sum of Rs 82