WEB DESK
The Punjab National Bank (PNB) has approached the Hong Kong Court against billionaire jeweller Nirav Modi accused of a 13,000-crore rupee fraud.
A senior PNB official said, Hong Kong authorities have been approached and recovery writ has been filed against companies of Nirav Modi.
The official said, the bank plans to approach other jurisdictions where Nirav Modi and his associates have assets and properties as part of recovery process.
PNB had recently hired lawyers to represent itself in the bankruptcy proceedings of the US-based Firestar Diamond, a group company of billionaire diamantaire.
China, earlier this month, had said Hong Kong was free to accept India’s request to arrest Nirav Modi on the basis of the local laws of the region and judicial agreements between the two.
While Hong Kong is part of the People’s Republic of China, it is an autonomous region with its own laws.