The Debt Recovery Tribunal directed fugitive diamond merchant Nirav Modi, who is currently lodged in a London prison, and his aides to pay over Rs 7,200 crore with interest to the defrauded Punjab National Bank Ltd.
Modi is a willful defaulter who is wanted in India as the main accused in the Punjab National Bank fraud and money laundering case amounting up to $2 billion.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
Presiding Officer Deepak Thakkar, who holds additional charge of Debt Recovery Tribunal, Mumbai, passed two orders in two cases in favour of the state-run lender.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
Passing another order, the judge directed Modi and others to pay Rs 232.15 crore to PNB with an interest of 16.20 percent from July 27, 2018.
An official from the tribunal said the recovery officers with the tribunal will initiate further action.
Modi was arrested by uniformed Scotland Yard officers in central London on March 19. He faces extradition to India as the “principal beneficiary” of the fraudulent issuance of letters of undertaking as part of a conspiracy to defraud PNB and then laundering the proceeds of crime.
The diamantaire has been behind bars at one of England's most overcrowded prisons—Her Majesty's Prison Wandsworth.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
