DRT orders Nirav Modi to repay Rs 7300 crores to Punjab National Bank

NPnnews24 Online Pune: The Debt recovery tribunal (DRT), Pune passed an order today asking fugitive diamond trader Nirav Modi and his aides to repay amount to the tune of Rs 7300 crores with interest to the Punjab National Bank (PNB). The order was passed by presiding officer/judge Deepak Thakkar in two cases registered by PNB in Mumbai.

Thakkar holds additional charge of DRT,Mumbai. One more case of alleged fraud around Rs 1700 crores registered by PNB against Nirav Modi is pending before DRT, Mumbai.

Nirav Deepak Modi (born 27 February 1971) is a fugitive Indian businessman, wanted by the Interpol for criminal conspiracy, criminal breach of trust, cheating and dishonesty including delivery of property, corruption, money laundering, fraud, embezzlement and breach of contract since August 2018.

Modi made international headlines again in early October 2018 when Los Angeles entrepreneur, Paul Alfonso, filed a US$4.2 million lawsuit in Los Angeles against Modi and two of his now defunct companies namely Firestar Diamond Inc. and A. Jaffe Inc.

According to court records from the Superior Court of California, Modi fraudulently sold two custom diamond engagement rings to Alfonso that turned out to be lab diamonds. The value of both diamond rings were US$200,000. Modi’s younger brother Neeshal Deepak Modi and manager and close aide Parab Subhash Shankhar are also wanted by Interpol since August 2018 in connection with the same crimes as Nirav Modi.