by Harish Gupta, National Editor, Lokmat Group
A deafening silence; Is something cooking ?
Nirav Modi offers Rs 50 crores a month repayment plan
Harish Gupta
New Delhi, Feb 18
The Modi government seems to have decided not to directly comment on the Rs 11400 crores PNB’s LoU scam. In a tactical move, the government decided to distance itself from the most embarrassing mega scam of its regime and allow the banks and investigation agencies to deal with it.
Highly placed sources in the finance ministry disclosed here today that the PNB and all those connected with the banking industry are burning mid-night oil over the latest offer made by wanted diamond king Nirav Modi to the government. It transpires that Modi has made a latest offer to the PNB, Income Tax and ED that he is willing to repay every legitimate penny due towards him . In separate emails received by the PNB and IT and ED, Modi has said he will pay Rs 50 crores a month provided he is allowed to continue his business activities as usual. He had done no crime as made out to be and followed normal banking practices.
It transpires that the PNB management had termed the offer of Nirav Modi as “Vague” when its MD & CEO Sunil Mehta held his press conference three days ago. However, in the latest submission sent through email, Nirav Modi has offered Rs 50 crores a month to settle all his dues.
The PNB and other banks are busy fixing the financial liabilities of the Nirav Modi group companies and busy segregating the liabilities of Mehul Choksi of Gitanjali group companies. Roughly, Nirav’s liabilities are of Rs 5000 crores only if penalties, interest, etc are not included. But it is for the PNB management to first vet the offer of Nirav Modi on merit and convey to the concerned authorities. The government says it has no role to play in what is happening between Modi and PNB. Even the Income Tax and ED are doing their work as per law and Modi will have to deal with them directly.
Yet, the government wants the resolution of the Nirav Modi issue if its within the realm of possibility. But the Rs 50 crore a month repayment offer is unlikely to be accepted as its too meager an amount.
Its largely because of this very reason that the government is moving with caution and has not declared Nirav Modi a fugitive and suspended his passport for a month. He has been issued with a show cause notice and no arrest warrants have been issued against him either.
The deafening silence of top two functionaries of the government indicates that something is cooking and forces are at work to get at Nirav Modi back through intermediaries.
The Prime Minister addressed two functions today; inaugurated new BJP headquarters in the morning and Magnetic Maharashtra Summit in the evening. But he did not even remotely touch upon the Rs 11400 crores PNB scam. Union Finance Minister Arun Jaitley also chose to stay away from any public glare and maintained a studied silence on the issue. Though five Union Ministers including Defence Minister Nirmala Sitharaman, Law Minister Ravi Shankar Prasad and HRD Minister Prakash Javadekar were fielded by the party to rebut Opposition charges. But the silence of PM and Jaitly is an indication that the government is keeping itself at arms length from the scam.
