Positive on Nirav Modi case: PNB

Positive on Nirav Modi case: PNB

Punjab National Bank MD Sunil Mehta has said there are “positive developments” in favour of the lender pertaining to the bankruptcy case filed in the U.S. by Nirav Modi’s firm Firestar Diamond Inc.

Firestar Diamond is a group company of billionaire diamantaire Nirav Modi who is accused of defrauding Punjab National Bank of about Rs. 14,000 crore, the biggest- ever baking fraud of the country.

Soon after the multi-crore fraud was unearthed by the bank, the U.S.-based Firestar Diamond Inc. filed for bankruptcy under Chaper 11 in the New York Southern Bankruptcy Court in the last week of February.