PNB Fraud Case: Piyanka Chopra terminates contract with Nirav Modi brand

Actress Priyanka Chopra, who was the brand ambassador of Nirav Modi's designer product series, has officially confirmed the news of terminating her contract with the jeweller.

"In light of recent allegations, Priyanka Chopra has chosen to terminate her contract with the Nirav Modi brand," Priyanka's spokesperson told news agency ANI.

Nirav Modi, the 48-year-old celebrity designer got into trouble after state-owned Punjab National Bank detected a USD 1.77 billion (about Rs 11,400 crore) scam on February 14.

The billionaire jeweller is said to be the centre of this massive bank fraud and allegedly acquired fraudulent letters of undertaking from a branch in Mumbai to secure overseas credit from other Indian lenders.

Nirav Modi left the country along with his family before the scam came into light. While his lawyer declined to indicate if and when the billionaire would return to India, some government sources suspect that the designer is currently hiding in Dubai.

Last week, PNB had lodged a complaint with the CBI stating that fraudulent LoUs worth Rs 280.7 crore were first issued on January 16.

At the time, PNB had said it was digging into records to examine the magnitude of the fraud.

The Enforcement Directorate conducted multiple searches in connection with a Rs 280 crore money laundering case against the designer and others following a complaint by PNB.

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Modi, who had figured in the Forbes' list of richest Indians, was booked by the CBI for cheating after PNB sent a complaint to it alleging that the jewellery firm owner, his wife, his brother and business partner Mehul Choksi entered into a criminal conspiracy with the officials of the bank and cheated it, causing a 'wrongful loss'.

According to the CBI, Modi had left the country on January 1 much before they received the complaint.

In light of recent allegations, Priyanka Chopra has chosen to terminate her contract with the #NiravModi brand: Priyanka Chopra's spokesperson (File Pic) pic.twitter.com/NnXYBeYc0Q

— ANI (@ANI) February 23, 2018

On the other hand, actor Sidharth Malhotra, who too featured in one of Nirav Modi's advertisement campaigns, said that since his contract is already over with the brand he is not planning any legal action.

Actor Bipasha Basu, who featured in Gitanjali Gems advertisement, has claimed that the brand, owned by Modi's uncle Mehul Choksi, continued to use her pictures even after her contract expired.

Her spokesperson, however, has clarified that she was not seeking any legal action against the company.

After the scandal broke out, Priyanka, who had been roped as company's brand ambassador in January last year, asked her lawyers to come up with a way which can end all the official contracts with the Nirav Modi brand.

Also Read: ED seizes Rs 100 cr deposits, luxury cars of Nirav Modi,Choksi groups; IT attaches more property

However, Ministry of External Affairs on Thursday claimed to establish contact with the 'absconding' diamond jeweller and will take further action against him anytime soon. Moreover, Nirav Modi need to return the Rs. 11,400 crore his companies have borrowed without following proper procedures.