Published On: Sat, Mar 24th, 2018

ED examines at least 120 shell companies in connection with PNB fraud case

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Taking the investigation into the alleged fraud committed by renowned jewellery designer Nirav Modi to a next level, the Directorate of Enforcement is closely examining at least one hundred and twenty shell companies, which are suspected to have played a crucial role in the Punjab National Bank fraud.

The authorities have shown reluctance to disclose the name of those shell companies which are being investigated in connection with the fraud.

As per a government source, the ED has so far successfully registered around two cases against Nirav Modi and Mehul Choksi.

As a part of the legal attachment process, the authorities have attached at least eight thousand crore Indian Rupees from the remaining assets that the culprits left behind before allegedly escaping to the foreign lands with the fraudulently-obtained wealth.

So far, as per a report, the ED department have conducted at least two hundred and forty seven searches in connection with the case.

The developments indicate that the investigation into the alleged Punjab National Bank fraud is progressing in the right direction.

It is assumed that there are clear indications in the preliminary investigation that those committed the fraud have used shell companies to take the fraudulently-obtained wealth out of the country.

 

Photo Courtesy: Google/ images are subject to copyright 

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ED examines at least 120 shell companies in connection with PNB fraud case