Nirav Modi not a fugitive; is out of country for business: Lawyer

Ahmedabad: Rubbishing the reports that his client was a fugitive, Nirav Modi’s lawyer on Wednesdays claimed that he was out of the country for business purposes.

It is worth mentioning that Nirav Modi is the prime accused in Punjab National Bank (PNB) scam.

Talking to the media persons, Vijay Aggarwal said, "This is your perception that he is absconder. Nirav Modi is not absconding. He has a global business and he went out of India for business purpose. Now his passport has been revoked. His family members, some of them are foreign nationals, also stay abroad most of the time."

He further blamed PNB of describing the commercial transactions as a fraud.

PNB has filed two financial fraud complaints amounting to Rs 11,400 crore and Rs 280 crore against Nirav Modi, his family members and uncle Mehul Choksi, owner of Gitanjali Group.

"The entire matter was in the knowledge of the bank (PNB). The bank took a 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," he added.

The laywer further pointed out a question saying, "Why would my client run away from the country leaving behind assets worth over Rs 5,000 crore."

The lawyer, however, clarified that the strategy in the case will only be worked out after the Central Bureau of Investigation (CBI) files chargesheet.

He added, "The business (of Nirav Modi) has been closed, the bank accounts have been seized, and shops have been shut. At the moment things are very hazy. We are looking at the case. We will know the charges when the CBI files charge-sheet and then only some strategy can be worked out."

Also Read: PNB jeopardised my ability to clear all the dues, says Nirav Modi

The lawyer also slammed the bank and media for reporting the fraud amount to be over Rs 11,000 crore.

"The CBI itself has itself maintained that at the moment the amount is Rs 280 crore, which may go up to Rs 5,000 crore. I don't know from where the media is getting the figure of Rs 11,400 crore."

Nirav Modi and Gitanjali Group Chairman and Managing Director Mehul Choksi have been accused of executing a Rs 11,400 crore scam in association with some of the PNB officials.

Meanwhile, the Enforcement Directorate (ED) and the CBI are investigating the matter and carrying out searches and raids at various locations linked with Nirav Modi and Gitanjali Group.

The scam began in 2011 and finally came to light in the third week of January 2018. Immediately after finding out the financial irregularity, the PNB officials raised the matter with concerned authorities.