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Closed all Recovery Options by Going Public, Nirav Modi Tells PNB

February 23, 2018

Closed all Recovery Options by Going Public, Nirav Modi Tells PNB

In one of the first major responses from Nirav Modi after the surfacing of the PNB scam, he told the lender that they have closed all the options of recovering dues now that they have made the issue public.
Nirav Modi wrote a letter to the PNB management in which he said that in haste to recover the dues immediately, they have destroyed his brand’s reputation and “restricted your(their) ability to recover all the dues leaving a trail of unpaid debts”.
Modi has also claimed that the final liability figure raised i.e., Rs. 11,300 crores is false, and that the correct amount is Rs. 5,000 crores.

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