Defiant Nirav Modi accuses CBI and ED of destroying his business

TOI London correspondentNirav Modi on Thursday struck a defiant note in the dock in the Bank of India (BOI) trial, saying the banks, along with the CBI and ED, destroyed the business he spent 20 years building and that he did not commit the fraud against Punjab National Bank.Nirav testified in a separate civil trial in which he was accused of owing the BOI more than $10.7 million (Rs 100 crore) by providing a personal guarantee for a loan provided by Firestar Diamond FZE. He denied that he “knowingly” signed the bond and said he did not owe the BOI anything.He emerged from jail wearing a smart suit and appeared unfazed by Wednesday’s adverse extradition ruling. He took oaths to the Bhagavad Gita and put his hands through the dock railing while reading on his laptop.Beasley, representing BOI, asked him why he claimed there were no material adverse events in BOI’s repossession of the BOI loan in 2018, given the allegations that had emerged in the media about his company and his alleged fraud against PNB at the time.“From February 5,” Nirav replied. “That’s when the media picked up the story,” he said. “I remember that date. It was a life-changing event,” he said. “They said it was 110 billion rupees and the core was 6,000 rupees. There was no fraud. I don’t think his amount can enter the top 20 in India.”He then accused PNB of colluding with the CBI. “Usually a preliminary investigation is done and then an FIR is filed – filing an FIR without hearing from the respondent is unheard of. On February 2, I don’t think anyone knew except the CBI. Maybe PNB was working with the CBI, as PNB said on social media on February 3. On February 15, the ED stopped everything – neither manufacturing or finance could continue. My business stopped and the ED and CBI seized and sealed everything.“After the hearing, he told TOI that he could not comment on the extradition verdict.