PNB's haste closed all options to clear debt, Nirav Modi tells banks

Your actions have destroyed my brand and the business and have now restricted your ability to recover all the dues, said Nirav Modi

Nirav Modi, the prime accused in the Rs 114-billion scam at Punjab National Bank (PNB), wrote to banks on Monday, saying the companies controlled by him were unable to clear their dues owing to actions taken in “haste” by PNB.

“In the anxiety to recover your dues immediately, despite my offer, your actions have destroyed my brand and the business and have now restricted your ability to recover all the dues leaving a trail of unpaid debts,” Modi said in his letter to banks.

He said the operations of his companies Firestar International Private Ltd (FIPL) and Firestar Diamond International Private Ltd