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Nirav Modi | PNB Scam | What Modi Wrote In His Letter | Decoded

February 21, 2018, 11:24 PM IST India India
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In one of the biggest banking frauds in India, Punjab National Bank was involved in fraudulent transactions amounting to Rs 11,400 crore. Prime accused, billionaire diamond merchant, Nirav Modi in a letter addressed to the bank said that by going public the state-run lender has closed all doors of repayment along with displaying unwarranted haste. Interestingly, advocate Vijay Aggarwal representing Modi in the court is the same lawyer who defended several accused individuals in the 2G scam case. While bank customers have not been directly affected by the scam, PNB share-holders have already lost more than Rs 3,000 crore over the last week. However, questions on internal security of the banking system still remain unanswered.