NEW DELHI: India´s financial crime fighting agency is investigating more than 100 ?shell companies? that are suspected to be involved in the Punjab National Bank´s near $1.8 billion fraud, a government source said. The companies were allegedly used by Indian jewellers Nirav Modi and Gitanjali Gems´ Mehul Choksi to route funds, a source at India´s Enforcement Directorate told Reuters. Modi and Choksi are at the centre of the biggest ever bank fraud that has hit the country´s second largest lender Punjab National Bank. Both the businessmen have been accused of conspiring with bank officials to obtain advances for paying overseas suppliers.
02-21-2018, 01:41 PM
Indian agency probing 100 firms for links to bank fraud case
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