Union minister Ravi Shankar Prasad also clarified that Nirav Modi was not part of the delegation to Davos led by Prime Minister Narendra Modi and had reached there on his own.
Addressing a press conference at the party office, he rejected the Congress' allegation that the prime minister had a private meeting with Nirav Modi.
The senior BJP leader said the tax payer's money would not be allowed to go waste.
State-owned Punjab National Bank yesterday said that it had detected a scam worth about Rs 11,400 crore -- where Nirav Modi allegedly acquired fraudulent letters of undertaking from a branch in Mumbai to secure overseas credit from other Indian lenders.
Accusing the government of doing nothing doing nothing to stop "independent India's biggest bank fraud" despite being informed of it, the Congress today released a picture of Nirav Modi with the business delegation accompanying the prime minister to Davos at the World Economic Forum meet last month.