Will Advise Nirav Modi to Not Return to India for Probe: Lawyer

Nirav Modi is accused of getting loans on the basis of fraudulent guarantees issued via the bank’s systems.

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Nirav Modi’s lawyer Vijay Aggarwal seems confident the case against his client, accused in a fraud worth over Rs 11,000 crore, would not stand in a court of law for “even five minutes”.

Punjab National Bank’s claim that there were no records of letters of undertakings extended to Modi’s firms could be easily refuted, Aggarwal told BloombergQuint in an interview.

To say it is not in the books of the bank is an incorrect statement, absurd, which is not going to stand for even five minutes in the court of law.
Vijay Aggarwal, Nirav Modi’s Lawyer

Modi is accused of getting loans on the basis of fraudulent guarantees issued via the bank’s systems. Modi left India in January and his passport has been temporarily suspended.

Aggarwal said while he would advise Modi to appear for the trial, he would ask him to stay away from investigations because the “atmosphere was not conducive”.

The Enforcement Directorate said it has seized assets belonging to Modi valued at over Rs 5,000 crore. The government has said every effort will be made to ensure he is brought to justice. “By judging him only at the allegation stage, we are literally shooing away the man,” Aggarwal said.

Despite being a man who practices law, the way things are going even I cannot, with a pure heart, advise him to come back.
Vijay Aggarwal, Nirav Modi’s Lawyer 

(This piece was originally published in BloombergQuint.)

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