PNB responds to Nirav Modi’s letter, says followed lawful avenues to recover dues

Punjab National Bank on Thursday responding to businessman Nirav Modi’s claim about bank closing all options of recovery said that it followed lawful avenues to recover its dues.

PNB in a clarification to the stock exchanges about Modi’s statement said, “We have followed lawful avenues available to us as per law to recover our dues.”

“We have enough assets to meet any liability which is decided as per the law,” PNB further informed the stock exchanges.

The PNB in a regulatory filing also said that it has enough assets and capitals to meet any liabilities arising from the fraud.

The bank the last week had reported a Rs 11,400 crore fraud involving jewellers Nirav Modi and Mehul Choksi and their group firms and some errant bank employees.

Modi earlier this week, in a letter had alleged that PNB’s overzealousness had shut the doors on his ability to clear the dues.

He had also written that the money he owed to bank was less than Rs 5,000 crore and not what has been publicised.