In a chat with India TV, Vijay Aggarwal said that Nirav Modi had gone abroad for his business dealings when the entire PNB mess cropped out. He said that Modi is not evading the laws and that he doesn't want to become an offender.
The diamond czar said that money went through the bank all these years for the repayments of the advances given by the overseas bank branches under the buyers credit.
The PNB’s notice assumes significance as it comes in the backdrop of the RBI’s clarification that it has not directed the bank to meet its commitments under the LoUs to other banks.
The letter also refers to the extended discussions between him, and between his representatives and the bank officers and also his emails on February 13 and 15, 2018.
The Income Tax department has found that in the last financial year the Nirav Modi group had illegally diverted Rs 1,216 crore of diamonds meant for export from its special economic zone to the domestic market, selling them in cash.
Shetty also informed the investigators that he shared the password with other individuals, essentially employees, as well as directors of Nirav Modi’s company.
The Congress party has been targeting the BJP-led Centre ever since the PNB fraud was unearthed. The party has accused the government of favouring businessmen fleeing the country after looting public money.
The development is important because last week Minister of State for Finance Shiv Pratap Shukla had told reporters that the Ministry of Finance was working with the Prime Minister's Office (PMO) to resolve the case.
The CBI yesterday started an intensive search operation at the Brady road branch of PNB in Mumbai, which is at the centre of a colossal banking fraud involving billionaire jewellers Nirav Modi and Mehul Choksi.
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