Mumbai: Punjab National Bank (PNB) has not recovered any money from the fugitive businessman Neerav Modi and his uncle Mehul Choksi.
According to reports, both of them collectively owe around Rs 15,400 crore to PNB.
The Enforcement Directorate (ED) earlier, had auctioned his several assets which also included expensive paintings.
The ED officials said, “amount Rs 60 crore realised from auction has been deposited as fixed deposits as per the court direction” was quoted as saying by Times of India.
An official said that the bank can move contempt to the court to claim rights upon his possessions. Also, the bank can approach a special court to claim the assets which are worth Rs 1,000 crore that the Enforcement Directorate has seized under the Fugitive Economic Offender Act in the case against Nirav and Mehul.
Right To Information (RTI) activist Jeetendra Ghadge got the information from PNB that Mehul Choksi owes around Rs 8,000 crore and Nirav Rs 7,400 crore.
Both Mehul and Nirav shunned the bank through fraudulent transactions of Rs 6,400 which collectively worth Rs 13, 000 crore. According to an official who probed the case said that the interest amount keeps adding to the actual amount.
However, a few months ago PNB denied sharing the information under RTI stating that “disclosure of which impedes the process of investigation or apprehension or prosecution of offenders”.
The bank denied providing details of the confiscated properties along with the payment that is made to the legal firm that it had engaged in the case. The bank said that it has not spent any amount on foreign trips of its officials in relation to the case against Nirav and Mehul.
Ghagde said, “The money involved in the scam does not belong to PNB bank, it belongs to the country. Ultimately, we have lost 15,423 crore which would have helped us build hospitals, infrastructure etc. It is unfortunate that 3 years on we are neither able to nab the offenders nor recover our money.”