PNB scam: SFIO probing 107 firms and 7 limited liability partnerships

The logo of Punjab National Bank (PNB) is seen on a branch office window in New Delhi, India | Photo: Reuters
The government said in the Lok Sabha on Friday that it has ordered investigation into 107 companies and 7 limited liability partnerships (LLPs) belonging to jewellers Nirav Modi and Mehul Choksi and connected to the Punjab National Bank (PNB) fraud case. It said the Serious Fraud Investigation Office (SFIO) is carrying out the probe.

 

Minister of State for Corporate, Law and Justice PP Chaudhary told the Lok Sabha that the SFIO was investigating 107 companies and 7 LLPs under the provisions of section 212(1)(c) of the Companies Act, 2013 and Section 43(3)(c)(i) of Limited Liability Partnership Act, 2008.

 

Chaudhary said the government ordered the investigation on February 17, 2018. “All matters in their entirety” of these companies and LLPs belonging to Nirav Modi, of Firestar Diamond group, and Mehul Chinubhai Choksi, of Gitanjali Group, and “connected with Punjab National Bank Fraud” be “examined,” he added.



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