Mumbai: The Debt Recovery Tribunal on Saturday directed fugitive diamond merchant Nirav Modi, who is currently lodged in a London prison, and his aides to pay more than Rs 7,200 crore with interest to the defrauded Punjab National Bank.

Modi (48) is wanted in India in the Punjab National Bank (PNB) fraud and money laundering case amounting up to USD 2 billion.

Presiding officer Deepak Thakkar, who holds additional charge of Debt Recovery Tribunal (DRT), Mumbai, passed two orders in two cases in favour of the Punjab National Bank.

“Defendant and his partners are ordered and directed to pay to the applicant (PNB) either jointly or severally the aggregate sum of Rs 7,029 crore with interest of 14.30 per cent per annum from June 30, 2018,” stated the DRT order.

Passing another order, the judge directed Modi and others to pay Rs 232 crore to PNB with 16.20 per cent interest from July 27, 2018. An official from the tribunal said the recovery officers with Debt Recovery Tribunal will initiate further action.