Nirav says PNB closed all options

■ In a letter, Nirav Modi wrote on February 15-16 to PNB, he pegged the amount his companies owes to the bank under `5,000 crore.

Mumbai, Feb. 19: Nirav Modi,the kingpin behind the largest banking scam in the country’s history, has virtually wrung his arms in the air saying PNB’s overzealousness has shut the doors on his ability to clear the dues, which he claimed is much lower than the bank has gone public with.

In a letter, Modi wrote on February 15-16 to the PNB management, he pegged the amount his companies owes to the bank under `5,000 crore.

“The erroneously cited liability resulted in a media frenzy which led to immediate search and seizure of operations, and which in turn resulted in Firestar International and Firestar Diamond International effectively ceasing to be going-concerns.

“This thereby jeopardised our ability to discharge the dues of the group to the banks,” Modi, who left the country along with his family in the first week of January, wrote in the letter.

“In the anxiety to recover your dues immediately, despite my offer (on February 13, a day before the public announcement, and on 15), your actions have destroyed my brand and the business and have now restri-cted your ability to recover all the dues leaving a trail of unpaid debts,” he said.

The letter also refers to the extended discussions between him and his representatives and the bank officers and also his emails on February 13 and 15, 2018.

On the over `11,000 crore loss claimed by PNB in the FIR, he said, “as you are aware, this is entirely incorrect and the liability of the Nirav Modi Group is substantially less.”

Valuing his domestic business at around `6,500 crore, he said “this could have helped reduce/discharge the debt” but it is not possible now as his assets are seized.