February 20, 2018 / 5:00 AM / 4 months ago

Nirav Modi denies allegations in PNB fraud case - lawyer

NEW DELHI (Reuters) - Indian jeweller Nirav Modi denies allegations that he was involved in a $1.8 billion loan fraud at Punjab National Bank (PNB), his lawyer told Reuters on Tuesday.

A security guard stands guard inside a Nirav Modi showroom during a raid by Enforcement Directorate, a government agency that fights financial crime, in New Delhi, India, February 15, 2018. REUTERS/Adnan Abidi

Indian federal police have alleged Modi and others conspired with several employees of the state-run bank to fraudulently obtain advances for paying overseas suppliers.

Vijay Aggarwal, a lawyer for Modi, said all transactions with PNB were documented and allegations made by the Central Bureau of Investigation were completely wrong.

“Everything is documented,” Aggarwal told Reuters over telephone.

Asked about his legal strategy, he said: “Until there is no chargesheet, there is no strategy. When there is a chargesheet, there will be a strategy.”

A Nirav Modi showroom is pictured in New Delhi, India, February 15, 2018. REUTERS/Adnan Abidi

Reporting by Aditya Kalra; Editing by Sanjeev Miglani

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