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Rs 114-bn PNB fraud: I-T Dept attaches 141 bank accounts and fixed deposits

Nirav Modi's lawyer alleged that the Punjab National Bank (PNB) has termed commercial transactions as a fraud

ANI  |  New Delhi 

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The Income Tax (IT) department on Wednesday attached Rs. 1.45 billion belonging to Modi.

The above amount is found in several accounts, which the IT department had attached.

Till date, the IT department has attached a total of 141 accounts / Fixed Deposits of the group.

Meanwhile, Modi's alleged that the (PNB) has termed commercial transactions as a fraud.

PNB had lodged two financial fraud complaints of Rs. 114 billion and Rs 2.80 billion against Modi, his family members and Mehul Choksi, owner of

Vijay Aggarwal, the of Nirav Modi, told media, "The entire matter was in knowledge of the bank (PNB). The bank took commission of crores of rupees but now it is not accepting it. It was a commercial transaction of the bank which is now being termed as a fraud".

Aggarwal refuted the reports that was absconding after the case came to light and questioned that why would he run away from the country leaving behind assets worth over Rs 50 billion.

"He (Nirav Modi) is not absconding. He has a global business. He was already out on business purposes when this case came to light and now his passport has been revoked. His family members, some of them are foreign nationals, also stay abroad most of the time," he said.

The also said that the strategy in this case will be worked out once the (CBI) files its charge-sheet.

For those unversed, the detected a 1.77 billion dollar scam in which acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.

The scam was started in 2011 and was detected in the third week of January this year, after which the PNB officials reported it to the concerned agencies.

Meanwhile, the PNB filed a second complaint with the CBI on February 13.

The CBI had received the complaint from the PNB on January 28 and a case was registered in the case on January 31.

First Published: Wed, February 21 2018. 21:15 IST