Nirav Modi denies allegations in PNB fraud case, his lawyer says 'there's nothing in it'

Billionaire jeweller Nirav Modi, the central figure in the country's largest ever bank fraud, denies allegations levelled against him by Punjab National Bank (PNB), his lawyer said on Tuesday.

"There is nothing, there is nothing in it," Vijay Aggarwal, a lawyer representing Modi, told Reuters, referring to the police complaint filed by PNB that alleges that companies linked to Modi and one of his relatives received credit worth nearly Rs 11,400 crore between 2011 and 2017 using false guarantees supplied by two bank



officials.

Aggarwal, speaking by telephone, declined to comment on where Modi was. Indian officials are on the lookout for Modi and his family, who police say left India in January prior to the case being filed.

"Everything is documented," Aggarwal said of Modi's dealings with PNB, adding that the state-owned bank had regularly levied fees on its dealings with the jeweller's firms.

Asked about his legal strategy, Aggarwal said: "Until there is no chargesheet, there is no strategy. When there is a chargesheet, there will be a strategy."