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Funds swindled by Nirav Modi could be much higher than earlier estimates

The economic fugitive declaration will lead to all of Nirav Modi's assets in India

Pavan Lall  |  Mumbai 

The total amount borrowed by diamantaire Nirav Modi — who was declared a fugitive economic offender by a special court here on Thursday — is much higher than the earlier estimates, said people aware of the forensic examination of the multi-billion-dollar fraud that hit Punjab National Bank (PNB) last year.

He is the second Indian to be declared a fugitive economic offender, after liquor baron Vijay Mallya. PNB officials declined to specify the exact numbers of letters of undertaking (LoUs) issued to Modi, if all related records in their possession were shared with BDO India ...

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First Published: Fri, December 06 2019. 01:14 IST
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