India’s celebrity jeweller, former business tycoon, Nirav Modi who wanted in India for alleged financial fraud case has said on Saturday (5) that the financial transactions he made with India’s Punjab National Bank (PNB) were civil transactions.
Modi made his statement before India’s anti-corruption court which is hearing Modi’s case filed by country’s federal law enforcement and economic intelligence agency, Enforcement Directorate (ED) to have him declared as a ‘fugitive economic offender’ under the Fugitive Economic Offenders Act 2018.
In a reply to the court, Modi said, he has done nothing wrong. He added that the alleged scam was a civil transaction which is being blown out of proportion.
Modi also added that he is unable to come to India due to some security reasons. Nirav Modi and his close relative Mehul Choksi are wanted for loan default worth Rs130 billion. The duo failed to reach India despite repeated summons.
The Indian government has confirmed that Modi is presently staying in the UK after British authorities informed the Indian officials following the requests made by the Indian investigators.
Mehul Choksi is staying Antigua and Barbuda in the Caribbean.
Indian investigators trying to get the duo extradited from the countries where they have been temporarily staying in an attempt to avoid legal proceedings against them.
In December, Interpol issued a red corner notice (RCN) against Choksi following a request made by India’s federal probe agency, Central Bureau of Investigation (CBI).
India’s Debt Recovery Tribunal in December sent notice to Nirav Modi, his members of the family, and his companies to recover over Rs 70bn in dues.
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