This refers to the reported e-mail communication of the Punjab National Bank (PNB) general manager (international banking division) to Nirav Modi. The email exhibits a lack of seriousness. Is this the way you send e-mail to a reported fraudster? On the one hand, the reported fraudster is disputing the claims made by the bank and putting it well below Rs 50 billion and on the other, the CBI, ED and other enforcement agencies are freezing his group’s bank accounts, confiscating various real estate properties, freezing shares, mutual funds and seizing luxury cars besides gems and jewellery. Against this background, PNB’s e-mail to Nirav Modi sounds insipid and reconfirms the top management’s involvement. By urging Nirav Modi to respond with concrete and implementable plans, the bank’s top management once again demonstrated its utter inefficiency and helplessness.
Ananta Padmanabhan via email