PNB fraud: CBI raids Cyril Amarchand Mangaldas, collects Nirav Modi papers
ET Bureau|
Updated: Feb 26, 2018, 11.36 PM IST
MUMBAI: The Central Bureau of Investigation (CBI) on Sunday visited the Mumbai offices of India’s top legal firm, Cyril Amarchand Mangaldas, to collect documents related to the Nirav Modi group.
“During raids on the Nirav Modi premises, we understood that certain documents belonging to the latter were with the law firm, which we collected from its offices,” a CBI official said.
A Cyril Amarchand Mangaldas official declined to comment on the matter. Sources said the law firm fully cooperated with the probe agency.
Nirav Modi is the alleged lynchpin in the $1.8-billion banking fraud, India’s biggest to date, that has enmeshed Punjab National Bank (PNB). Officials of the agency alleged in a special CBI court recently that Nirav Modi and his group companies colluded with certain PNB officials to wrongfully cause a Rs 6,000-crore loss to the bank.
ED INVESTIGATIONS
In a separate development, the PMLA court has accepted the Enforcement Directorate’s request to issue letters rogatory (LRs) to six countries — US, UK, Singapore, Hong Kong, South Africa and UAE — for extending the agency’s probe into their geographies and attaching properties belonging to Nirav Modi and his firms there. These are on suspicions of the PNB scam proceeds flowing into these assets, said ED counsel Hiten Venegaonkar.
The ministry of external affairs will route the LRs to competent courts in these jurisdictions to assist ED in its probe. The amount involved in the ED’s probe in the Nirav Modi case is $1.1billion.
“During raids on the Nirav Modi premises, we understood that certain documents belonging to the latter were with the law firm, which we collected from its offices,” a CBI official said.
A Cyril Amarchand Mangaldas official declined to comment on the matter. Sources said the law firm fully cooperated with the probe agency.
Nirav Modi is the alleged lynchpin in the $1.8-billion banking fraud, India’s biggest to date, that has enmeshed Punjab National Bank (PNB). Officials of the agency alleged in a special CBI court recently that Nirav Modi and his group companies colluded with certain PNB officials to wrongfully cause a Rs 6,000-crore loss to the bank.
ED INVESTIGATIONS
In a separate development, the PMLA court has accepted the Enforcement Directorate’s request to issue letters rogatory (LRs) to six countries — US, UK, Singapore, Hong Kong, South Africa and UAE — for extending the agency’s probe into their geographies and attaching properties belonging to Nirav Modi and his firms there. These are on suspicions of the PNB scam proceeds flowing into these assets, said ED counsel Hiten Venegaonkar.
The ministry of external affairs will route the LRs to competent courts in these jurisdictions to assist ED in its probe. The amount involved in the ED’s probe in the Nirav Modi case is $1.1billion.
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