 "Nirav Modi had attributed his inability to pay the dues to PNB’s haste in going public about the matter. File photo")
Punjab National Bank on Thursday told Nirav Modi, one of the prime accused in the Rs 114 billion letters of undertaking (LoUs) fraud, to submit “a concrete and implementable plan” to clear his liabilities.
Responding to a recent e-mail from the billionaire diamond jeweller, the scam-hit bank said companies owned by Modi had obtained LoUs illegally and in violation of the Foreign Exchange Management Act (FEMA), prompting it to go public about the fraud.
PNB has termed the whole loan-taking exercise by the accused firms as “money
