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HomePoliticsIndiaNiravgate: Enough assets to meet any liability, says scam-hit PNB

Niravgate: Enough assets to meet any liability, says scam-hit PNB

Mumbai: State-owned PNB today said it has followed lawful avenues to recover its dues following Rs 11,400 crore swindling of allegedly by jewellery Nirav Modi and associates.

The country’s second-largest lender also reaffirmed that it has enough assets to meet any liability.

“We have followed lawful avenues available to us as per law of the land to recover our dues,” the bank said in a regulatory filing.

Stock exchanges had sought clarification on Modi’s comment that ”PNB has closed all options to recover dues by going public”.

The bank had disclosed about the scam on 14 February through a regulatory filing.

On why it did not inform stock exchanges about the filing of FIR with CBI at the occurrence of the event, PNB said: “Since law enforcing agencies were assigned to investigate the matter, any in public would have altered the fraudster, affecting recovery”.

The bank said on basis of the preliminary investigation report, it had simultaneously informed its Board and BSE, NSE of initial fraud case of Rs 280.7 crore.

“Upon receiving further investigation report enhancing the fraud amount to Rs 11,394 crore, FMR (Fraud Monitoring Return) with RBI, FIR with CBI were filed in the evening of 13 February 2018, and BSE and NSE were informed on 14 February around 9 am,” the bank said.

About the impact of the scam on the financials and operations of the bank, it said: “We have enough assets/ capital to meet any liability which is decided as per law”.


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