Nirav Modi tells his employees in India to look for other jobs because he can’t pay them now
“Look for other jobs, can’t pay you now,” Nirav Modi wrote in his email to the employees in India on Tuesday. Nirav Modi,one of the greatest business tycoon and the alleged kingpin behind the largest banking scam in the country’s history have been accused to have swindled Punjab National Bank (PNB) of over Rs11,000 crore ($1.77 billion). The CBI on Wednesday also arrested Vipul Modi and four others in connection with the fraud case.
The scam came out in the open on February 14, 2018, when the state-run bank informed the stock exchanges. According to the reports, the Enforcement Directorate conducted a search on the Mumbai residence of diamond merchant Nirav Modi on Tuesday and seized assets worth Rs 5,716 Crores.
Nirav Modi said through his email , “I am also concerned at the speed with which events are moving which makes me concerned about the fairness of the processes that are being followed. I hope that we will be able to re-associate ourselves in better days. But, I make it clear that I am committed to pay your past dues, if any, once I have access to stocks and the bank accounts,” added Modi.