Nirav Modi, who broke headlines in February when it came into limelight that Punjab National Bank demanded for investigation into the affairs of his diamond over the alleged fraud of Rs. 13,600 crores in form of a loan. Since the news of the fraud broke among the masses, he has been on run. But it seems like he has not defrauded the Indian Banks. The Union Bank has allegedly sued Nirav Modi for taking two fake loans in the name of his company and never paying them.
According to the reports of a Hong Kong daily, it is alleged that the bank has filed a writ petition in the court demanding more than $5.49 millions plus interest over the entire sum. It is to be noted that Nirav Modi owns chain of shops in Hong Kong and New York and his customers include great celebrities like Kate Winslet and Naomi Watts. Bank also claimed that it guaranteed two loans made to Firestone Trading Private on October 21, 2011 and Firestar Diamond on November 15, 2011. Nirav Modi is also wanted in India for his scam of around Rs. 13,600 crores over fake documents and failed to repay the die amount after various demands.
Tags : #NiravModi #UnionBankofIndia #HongKong #Court #Fugitive #Sued