Debt Recovery Tribunal orders PNB accused Nirav Modi to repay Rs 7300 crores to Punjab National Bank

Pune, July 6: In a major blow to the PNB scam accused Nirav Modi, the Pune Debt Recovery Tribunal has ordered to repay Rs 7300 crore with interest to the Punjab National Bank, following the LoU swindle he committed back in year 2017.

 

The development comes less than a week after the Singapore High Court ordered the freezing of a bank account belonging Modi's sister and brother-in-law.

 

 

The said order was passed by presiding judge Deepak Thakkar in two cases registered by PNB in Mumbai. Thakkar holding the additional charge of DRT in Mumbai, gave judgement in another case of alleged fraud around Rs 1700 crores, that was registered by PNB against Nirav Modi.

 

Following the request of the Enforcement Directorate (ED), the high court had directed freezing of balance of Rs 44.41 crore in the account maintained in Singapore by Pavilion Point Corporation, a company owned by Mayank Mehta and Purvi Modi.

 

India is seeking Modi's extradition to make him face the law of the land for allegedly committing economic offences like fraud and money laundering. Nirav Modi is lodged at Wandsworth prison in south-west London.