Punjab National Bank has received the first tranche of recoveries amounting to Rs 24 crore 33 lakh 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. Additionally, over 82 crores are also available to be received by creditors including PNB after liquidation of the debtors’ assets.
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.