PNB receives Rs.24.33 cr 1st tranche of recoveries in fugitive Nirav Modi case

Punjab National Bank has received the first tranche of recoveries amounting to Rs 24.33 Crore rupees in fugitive Nirav Modi case related to bank fraud case. The bank informed this to the Ministry of Corporate Affairs which spearheaded the corporate governance litigation in a foreign jurisdictional Court.

The Ministry said, this is an unprecedented achievement of the Government of India, in its fight against corporate fraud in overseas territory. The Ministry has also initiated proceedings for disgorgement of



money from the perpetrators, the entities promoted and controlled by Nirav Modi and Mehul Choksi.

In 2018, Punjab National Bank Limited had informed the Ministry of Corporate Affairs, that three companies promoted by Nirav Modi had filed for Bankruptcy Protection in the Southern District of New York, United States of America. The bank requested the ministry to support and join the bankruptcy proceedings in New York, USA in order to help PNB realize its claims in the debtors’ assets.