AMN
Punjab National Bank today reiterated that it has enough assets and capital to meet any liability. In a regulatory filing, PNB added that it has followed all lawful avenues to recover its dues from Nirav Modi and Mehul Choksi.
This filing comes days after media reports quoted Nirav Modi saying that by going public, the bank had closed all options to recover money. PNB had disclosed about the scam on 14th February, also through a regulatory filing.
On the delay in informing the stock exchanges about filing the FIR, PNB said the fraud was reported as soon as the preliminary investigation report suggested that the amount involved was to the tune of 11,394 crore rupees.
As the matter was under investigation, the bank felt any news in public would have alerted the fraudster, affecting recovery. The bank, however, added that it has informed its board, BSE and NSE about the initial fraud case of 280 crore rupees on 5th February.