Pune's Debt Recovery Tribunal directs Nirav Modi to pay Rs 7300 crore with interest to PNB

Pune: Pune's Debt Recovery Tribunal (DRT) on Saturday passed an order asking fugitive diamantaire Nirav Modi and his aides to pay Rs 7300 crore with interest to Punjab National Bank (PNB).

The order was passed by presiding officer/judge Deepak Thakkar in two cases registered by PNB in Mumbai. Thakkar holds additional charge of DRT in Mumbai.

One more case of alleged fraud around Rs 1700 crores was registered by PNB against Nirav Modi and is pending before the DRT in Mumbai.

The development comes less than a week after the Singapore High Court ordered the freezing of a bank account belonging Modi's sister and brother-in-law.

On the request of the Enforcement Directorate (ED), the high court had directed the freezing of balance of USD 6.122 million (Rs 44.41 crore) in the account maintained in Singapore by Pavilion Point Corporation, a company owned by Mayank Mehta and Purvi Modi, ED had said on Tuesday.

The diamantaire was arrested on March 19 by Scotland Yard in connection with the USD two billion PNB loan default case.

India is seeking Modi's extradition to make him face the law of the land for allegedly committing economic offences like fraud and money laundering.

Modi is lodged at Wandsworth prison in south-west London.