Exclusive: Indian police scrutinize major law firm in PNB fraud probe after documents moved [Reuters]
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Source: Reuters
Exclusive: Indian police scrutinize major law firm in PNB fraud probe after documents moved | Reuters 5 Min Read MUMBAI/NEW DELHI (Reuters) - India’s largest law firm, Cyril Amarchand Mangaldas (CAM), is being scrutinized by federal agents after they seized documents related to the $2 billion fraud at state-run Punjab National Bank ( PNBK.NS ) from CAM’s premises in February, a lawyer representing the government and a police source told Reuters. In what has been dubbed as India’s biggest bank fraud, PNB in January alleged that billionaire diamond jeweler Nirav Modi and his uncle had for years fraudulently raised billions of dollars in foreign credit by conspiring with staff at the bank. In mid-February, Modi’s aides packed cartons of documents at one of his diamond firm’s offices in Mumbai and sent them to CAM’s office nearby, from where police seized them within a week on Feb. 21, a review of the Central Bureau of Investigation’s (CBI) court filings and witness testimonies showed.
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