You destroyed my brand, Nirav Modi tells PNB

Celebrity billionaire jeweller Nirav Modi, who is at the center of a controversy for allegedly duping Punjab National Bank (PNB), has blamed the state-run lender for destroying his brand and tarnishing his reputation.

A case has been filed against Modi for fraudulent activities amounting to more than Rs 11,000-crore. However, in a letter to PNB, Modi claims his dues were much less than what the bank has claimed. He claims he owes the bank under Rs. 5,000 crore.

"The erroneously cited liability resulted in a media frenzy which led to immediate search and seizure of operations, and which in turn resulted in Firestar International and Firestar Diamond International effectively ceasing to be going-concerns," he wrote in the letter.

"This thereby jeopardised our ability to discharge the dues of the group to the banks,"Modi wrote. "In the anxiety to recover your dues immediately, despite my offer (on February 13, a day before the public announcement, and on 15) 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," he said.

According to Modi, he even wrote to PNB in good faith asking them to sell or allow him to "sell Firestar Group, or their valuable assets, and recover the dues not just from Firestar Group, but also from the three firms."

Modi and his family left India in the first week of January, shortly before the scandal became public. He has not been seen in public since the scandal erupted earlier this month.

On Tuesday, the Supreme Court said it will hear on Friday a plea seeking an SIT probe and other reliefs in the over Rs 11,000 crore PNB fraud.

Two separate petitions were filed on Monday urging to initiate process of deportation of Modi, who is abroad, and others involved in the case.