PNB fraud: Lawyer says Nirav Modi won't go to jail; top 10 developments

Will absconding businessman Nirav Modi escape punishment in the Punjab National Bank (PNB) fraud episode? At least his lawyer, Vijay Aggarwal, believes so. Aggarwal on Tuesday said the case against his client would collapse, just like the 2G scam and the Bofors matter.

Aggarwal's statement came a day after media reports said Modi reportedly wrote to banks, saying that the firms controlled by him were unable to clear their dues because of the actions taken in "haste" by PNB. Further, he asked the banks to pay salaries to the 2,200 employees working in those firms.

Modi also said the dues were much less than what the bank had claimed, and that his relatives booked in the cases filed by the central agencies had nothing to do with the operations of the firms under their scanner.While Modi's lawyer expressed his optimism, PNB, the public-sector lender in the eye of the storm, received more bad news, with global ratings agency Fitch on Tuesday placing it on 'Rating Watch Negative' with negative implications.At the same time, the Centre has shot written to the Reserve Bank of India (RBI), asking whether at any stage it detected the fraud, involving letters of undertaking (LoUs) issued on behalf of companies promoted by Nirav Modi and his uncle Mehul Choksi.

Here are what Modi wrote in his letter and the top developments in the largest banking scam in the country's history:1) 'Nirav Modi won't be found guilty': Nirav Modi's lawyer Vijay Aggarwal has said that the case against his client will collapse just like the 2G scam and the Bofors matter.



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