New Delhi, Feb 21 (NIE): Following a statement on Tuesday, where Indian billionaire jeweller Nirav Modi denied allegations levelled against him by Punjab National Bank (PNB), his advocate Vijay Aggarwal on Tuesday midnight said that the loan amount was Rs 280 crores, which may go up to Rs 5,000 crores and not 11,500 crores, citing CBI’s data, reports ANI.

“The CBI itself has represented that at the moment, the amount is Rs 280 crores, which may go up to Rs 5,000 crores. I don’t know from where the media is getting the figure of Rs 11,500 crores,” said Vijay Aggarwal, advocate of Nirav Modi.

Alleging that the bank took crores of rupees, Vijay Aggarwal said, “The entire matter was in knowledge of the bank. Bank took commission of crores of rupees but now they are not accepting it. It was a commercial transaction of the bank which is now portrayed as a fraud. Bank was provided with its share since many years.”

“He hasn’t ran away. He has a global business. He was already out on business purposes when this case came into light & now his passport has been revoked. His family, some of them foreign nationals, also stay abroad most of the time,” Aggarwal said.

In the country’s largest ever bank fraud, the investigating officials has till now arrested five bank officials, including the two at the Mumbai branch.