Union Bank sues Nirav Modi in Hong Kong court: Report
Beijing, Sep 27 : The Union Bank of India has sued fugitive billionaire jeweller Nirav Modi in a Hong Kong court, a media report said.
A report in the Hong Kong-based South China Morning Post said the Union Bank claimed in a writ filed at the High Court on Wednesday that the Mumbai-born businessman, wanted for a massive financial scam in India, guaranteed two loans made to Firestone Trading Private on October 21, 2011 and Firestar Diamond on November 15, 2011.
The bank is demanding that Nirav Modi - who owns a chain of jewellery shops from Hong Kong to New York and whose celebrity clients have included actresses Naomi Watts and Kate Winslet - pay more than $5.49 million plus interest after both firms allegedly defaulted on repayments.
Nirav Modi, 47, has been on the run since February after Indian authorities launched an investigation into his alleged involvement in a Rs 13,600 crore (US$1.8 billion) scam against the Punjab National Bank (PNB), the country's second-largest state-run lender.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
SP has ended contract with I-PAC due to fund constraints: Akhilesh Yadav
Lucknow (PTI): Samajwadi Party president Akhilesh Yadav on Wednesday said his party has severed its association with the Indian Political Action Committee (I-PAC) due to a lack of funds.
He dismissed speculations that the termination of contract was because of recent election results.
Addressing a press conference here, Yadav said the party had engaged I-PAC for a brief period ahead of the 2027 Uttar Pradesh Assembly elections but could not continue the arrangement.
"Yes, we had an association. They worked with us for a few months, but we are not able to continue because we do not have that kind of funding," he said.
The I-PAC is a political consultancy firm known for managing major election campaigns across the country.
Election strategist-turned-politician Prashant Kishor has also been associated with the organisation in the past and has worked with multiple parties, including the BJP and the Congress.
In a lighter vein, Yadav took a swipe at the ecosystem of political consultancies. "We thought that if we have to work with a 'winning agency', then there are several big companies."
He said that some people suggested conducting surveys, hiring another firm, keeping a social media company, and even engaging agencies for negative campaigning against other parties.
"There are one or two more companies whose names are not yet known. I can get those for you as well," Yadav said.
Yadav rejected the suggestion that the decision to end the deal was influenced by recent election outcomes in states such as West Bengal.
"There is no such thing. Do not ask questions based on baseless reports. That is not true," he said.
"This is not the reason for ending the agreement. We simply do not have enough funds. If you (the media) give us funds, we can hire another company," the former Uttar Pradesh chief minister said.
