PNB fraud case: Nirav Modi makes ‘vague offer’ to return money in six months

Diamond trader Nirav Modi, who is being liked to the alleged Rs 11,000 crore Punjab National Bank fraud, has written to the country’s second largest state-run bank promising to repay the money and has sought six months to return the money.

PNB’s managing director Sunil Mehta confirmed the development. However he said that the offer was not ‘concrete’.

He added, “Modi has made vague offer of repayment. We are examining the offer.”

According to sources, Modi has informed the PNB that he would repay the money by selling of his company Firestar Diamonds.

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On Wednesday, the bank in a statement said, “We have detected some fraudulent and unauthorised transactions to around Rs 11,360 crore at a branch in Mumbai. The transactions were for the benefit of select account holders with their apparent connivance".