`Colour of criminality’ given to common banking transactions: Nirav Modi tells court

MUMBAI: Fugitive diamond merchant Nirav Modi, a prime accused in the PNB fraud case, told a court here Saturday that Punjab National Bank gave “colour of criminality” to “usual civil banking transactions” to hide its own poor performance.

Modi’s lawyer filed his reply to the Enforcement Directorate’s (ED) plea seeking to declare the diamond merchant a fugitive under the Fugitive Economic Offenders Act (FEOA) before a special court here.

“Even though it has been attempted to be portrayed that a grave act has been committed by the accused, in reality, the same is a usual civil banking transaction, having been given a colour of criminality,” the reply said.

“It can be said that the motivation for the prosecution by the PNB (Punjab National Bank) is the desire of the bank to avoid its liability towards its co-bankers and put the blame….To avoid any criticism regarding poor financial performance by PNB,” it alleged.

Modi also reiterated that he cannot return to India due to safety concerns and also because his case has been politicised.

He feared for his safety given the violent threats made against him “as illustrated by the burning of his effigies”, the reply said.

Statements made by politicians from all parties showed that they had “prejudged the issue of his guilt” and his case was being used for political purposes, it added. (AGENCIES)

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