Billionaire jeweller denies involvement in huge Indian bank fraud: lawyer

Indian billionaire jeweller Nirav Modi, one of the prime accused in the country’s largest ever bank fraud, denies allegations leveled against him by Punjab National Bank (PNB), his lawyer said on Tuesday.

“There is nothing, there is nothing in it,” Vijay Aggarwal, a lawyer representing Modi told Reuters, referring to a police complaint filed by the state-run bank that says companies linked to the jeweller and his relatives received credit worth close to $1.8 billion between 2011 and 2017 using false guarantees supplied by two bank officials.

Aggarwal, speaking by telephone, declined to comment on Modi’s whereabouts. Indian officials are on the lookout for Modi and his family, who police say left India in January prior to the case being filed.

“Everything is documented,” Aggarwal said of Modi’s dealings with PNB, adding that the bank had regularly levied fees on its dealings with the jeweler’s firms.

According to the police complaint, the two officials at a Mumbai branch of PNB fraudulently steered credit to firms linked to Modi and entities tied to jewelry retailer Gitanjali Gems, led by Modi’s uncle, Mehul Choksi.

“They’re covering themselves up,” Aggarwal said referring to the PNB complaint. “They want to avoid liability … that is why they are cooking up this story.”

Asked about his legal strategy, Aggarwal said “Until there’s no chargesheet, there’s no strategy. When there’s a chargesheet, there will be a strategy.” Choksi, who has also left the country, has not commented on the matter. Gitanjali, in a regulatory filing, denied Choksi’s involvement in the alleged fraud.