Let's revisit the big story -- the Punjab National Bank (PNB) fraud case -- after a series of raids by the Enforcement Directorate on several of his properties, Nirav Modi, one of the prime accused in the bank fraud has written a letter to PNB.
In his letter, Modi writes that the liability of his group is substantially lesser than the Rs 11,000 crore sum that has been reported by the bank.
In an interview to CNBC-TV18, Vijay Aggarwal, Counsel for Nirav Modi said that there is no scam.
Aggarwal claimed the bank was aware of these transactions as they earned crores of rupees as bank charges on them.
The money went to the suppliers from PNB's Nostro accounts. He also pointed out the branch in question is run by senior officials, since it is an AGM-level branch and not a manager-level branch.
The lawyer believes the case filed against Nirav Modi is only so that PNB can avoid liability.
Aggarwal refuted claims that the fraud was worth Rs 11,400 crore. He said according to the court order, the amount could go up to Rs 6,000 crore.
Watch accompanying video for more details…
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