NEW DELHI: Intensifying the probe into the rustic's greatest banking fraud, the federal government has known as many as 150 shell corporations associated with billionaire Nirav Modi, his family and colleagues, in step with a senior respectable.
As a multi-agency probe is underway within the USD 1.77 billion fraud perpetrated at state-owned Punjab National Bank, the corporate affairs ministry has known 150 shell corporations for investigation.
A senior executive respectable lately stated that in parallel with the actions of the legislation enforcement agencies and income tax government, the ministry "has identified 150 shell companies for investigation".
Generally, shell corporations are the ones used for illicit fund flows and do not have much industry actions.
The CBI and ED endured their crackdown on the financial institution fraud, registering a recent case in opposition to Nirav Modi's maternal uncle Mehul Choksi and claimed to have seized embellishes value Rs 549 crore all over raids lately.
Choksi, Managing Director of listed Gitanjali Gems, has also come below the lens of markets regulator Sebi and inventory exchanges.
Punjab National Bank has disclosed USD 1.77 billion (nearly Rs 11,400 crore) fraud perpetrated by means of fraudulently procured Letters of Undertaking (LoUs) of the lender.
As a multi-agency probe is underway within the USD 1.77 billion fraud perpetrated at state-owned Punjab National Bank, the corporate affairs ministry has known 150 shell corporations for investigation.
A senior executive respectable lately stated that in parallel with the actions of the legislation enforcement agencies and income tax government, the ministry "has identified 150 shell companies for investigation".
Generally, shell corporations are the ones used for illicit fund flows and do not have much industry actions.
The CBI and ED endured their crackdown on the financial institution fraud, registering a recent case in opposition to Nirav Modi's maternal uncle Mehul Choksi and claimed to have seized embellishes value Rs 549 crore all over raids lately.
Choksi, Managing Director of listed Gitanjali Gems, has also come below the lens of markets regulator Sebi and inventory exchanges.
Punjab National Bank has disclosed USD 1.77 billion (nearly Rs 11,400 crore) fraud perpetrated by means of fraudulently procured Letters of Undertaking (LoUs) of the lender.
Govt identifies 150 shell cos linked to Nirav Modi
![Govt identifies 150 shell cos linked to Nirav Modi]()
Reviewed by Kailash
on
February 19, 2018
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