Pune: In fresh trouble for Nirav Modi, who is currently lodged in a London prison, the Pune bench of the Debt Recovery Tribunal (DRT) on Saturday directed the fugitive diamond merchant and his aides to pay over Rs 7,200 crore with interest to the Punjab National Bank (PNB) and others.
Nirav Modi, 48, is wanted in India as the main accused in the PNB fraud and money laundering case amounting up to $2 billion.
On Saturday, Presiding Officer Deepak Thakkar, who holds additional charge of the Debt Recovery Tribunal (DRT), Mumbai, passed two orders in two cases in favour of the Punjab National Bank.
The PNB had approached the DRT last year seeking recovery of over Rs 7,029 crore. Later, a consortium of banks filed separate suits seeking recovery of Rs 232 crore.
“Defendant and his partners are ordered and directed to pay the applicant (PNB) either jointly or severally the aggregate sum of Rs 7,029 crore with interest of 14.30 per cent per annum from June 30, 2018,” stated the DRT order.
In another order in the suit filed by the consortium of banks, the presiding officer directed Nirav Modi and others to pay Rs 232 crore to the applicant banks with the 16.20 per cent interest from July 27, 2018. In both the suits, the judge granted liberty to applicant to publish the names of the defendants as per rule 15 (A) of the Debt Recovery Tribunal (Procedure) Rules.
In the suit filed by the PNB, the presiding officer also granted liberty to the applicant to apply for appointment of the receiver to implement the judgement in execution before the recovery officer as per the prayer clause of the application.
