PNB fraud case: Won’t spare anyone involved in Nirav Modi scam, says govt

Updated on Feb 20, 2018 05:13 PM IST

In a press conference on Thursday, the Union law minister Ravi Shankar Prasad said the government would not allow taxpayers’ money to be stolen.

Union law minister Ravi Shankar Prasad addressing a press conference in New Delhi on Thursday.(ANI/Twitter)
Union law minister Ravi Shankar Prasad addressing a press conference in New Delhi on Thursday.(ANI/Twitter)
Hindustan Times, New Delhi | ByHT Correspondent

The government on Thursday said Nirav Modi, the billionaire accused of defrauding Punjab National Bank (PNB) of Rs 11,400 crore, won’t be spared and criticised Opposition parties for pointing a finger at the prime minister for the alleged scam.

Law minister Ravi Shankar Prasad told a press conference that assets worth Rs 1,300 crore have been seized and a look-out-notice against Nirav Modi has been issued, news agency ANI reported. “We wish to make it very clear – and this I can also convey on the behalf of the government – that nobody shall be spared in the banking system who has sought to derail ordinary banking system to help Nirav Modi. This is regardless of stature and status of concerned official,” said Prasad.

“What is this word ‘Chhota Modi’? The BJP takes strong offence to the kind of language being used by describing someone like that. It is derogatory, scandalous and demeaning,” said Prasad. He was responding to the Congress party’s allegation that the Narendra Modi government had failed to prevent the scam and identify those who let Nirav Modi reportedly flee the country.

Earlier in the day, Congress spokesperson Randeep Surjewala had alleged Nirav Modi was “protected”.

“The Congress demands accountability, responsibility and recovery of the money and answers on who had protected another ‘Chhota Modi’ and helped him flee the country,” said Surjewala.

The All India Radio said in a tweet Nirav Modi’s passport has been revoked.

PNB , the second-biggest state-run lender, stunned the country’s financial sector when it announced this week it had discovered the multi crore fraudulent transactions at a single branch in Mumbai.

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