For the first time, the public sector Oriental Bank of Commerce (OBC) has come clean on its loan exposure to the absconding diamantaires Nirav Modi and his uncle Mehul C. Choksi, here on Friday.
The development comes ahead of the OBC’s upcoming merger with the Punjab National Bank (PNB) which – in February 2018 – had admitted to a massive fraud perpetrated by Nirav Modi and Choksi running into over Rs 13,500 crore, sending the entire banking industry in a spin.
The OBC has now issued notices declaring the duo and their companies as ‘Willful Defaulters’ for varying loan amounts, totaling to around Rs 289 crore, at their Large Corporate Branch, Cuffe Parade, Mumbai.
Nirav Modi’s companies Firestar International Pvt. Ltd. and Fire Star Diamond International Pvt. Ltd. failed to repay the OBC’s loans of Rs 60.41 crore and Rs 32.25 crore, respectively.
Similarly, Choksi’s companies Gitanjali Gems Ltd. and Nakashatra World Ltd. have defaulted on OBC’s loans worth a total of Rs 136.45 crore and Rs 59.53 crore, respectively.
Days after the scam erupted in February 2018 and it dawned that Nirav Modi and Choksi, along with other accused family members, had sneaked out of the country, the OBC promptly declared their accounts as ‘NPAs’ on March 21, 2018.
Furthermore, the OBC has warned the masses to desist from entering any kind of deals with the (aforementioned) and appealed to the people to provide information of assets of Nirav Modi-Choksi or their transactions to enable the bank recover the ‘public money’ due from them.
Banking circles question why it took the OBC a long period nearly 18 months to cough out is exposure in the matter, and just before its proposed merger with the PNB, along with United Bank of India, announced last month by Finance Minister Nirmala Sitharaman.
“Besides OBC, other banks also have exposure to Modi and Choksi, and their group companies. What prevents them all from coming together and take necessary legal action to recover their dues,” banking expert and Maharashtra Trade Unions Joint Action Committee (TUJAC) Convenor Vishwas Utagi told IANS.- IANS/ QUAID NAJMI
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