| After Punjab National Bank Rs 11,000-crore fraud, Nirav Modi's 'vague' offer to repay | | | Embattled jeweller and diamond trader Nirav Modi, who is being linked to the Rs 11,000-crore Punjab National Bank fraud, has written to the state-run bank promising to repay the money.
Modi, who is under the scanner of both the Central Bureau Investigation (CBI) and the Enforcement Directorate (ED), has sought six months to return the money.
Soon after news of Modi's repayment offer broke, PNB's managing director (MD) Sunil Mehta partly confirmed the development. Mehta, however, said that the offer was not "concrete".
"Modi has made [a] vague offer of repayment," Mehta said, adding there is nothing "concrete" and that they are examining Modi's proposal.
The diamond trader, who was described as India's diamond king in a 2016 Forbes magazine article, told PNB he will raise the necessary money by selling his company Firestar Diamonds.
Firestar Diamonds's net worth is valued at over Rs 6,400 crores. |
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