PNB scam fallout: 107 firms, 7 Limited Liability Partnerships under Serious Fraud Investigation Office’s scanner

New Delhi:
The government has told the Serious Fraud Investigation Office (SFIO) to investigate 107 companies and seven limited liability partnerships (LLP) as part of the probe into the multi-crore fraud at the Punjab National Bank (PNB), the Lok Sabha was informed on Friday.

“The government has ordered investigation into the affairs of 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 on 17.02.2018 belonging to Nirav Modi (Firestar Diamond group) and Mehul Chinubhai Choksi (Gitanjali Group) to be carried out by the Serious Fraud Investigation Office connected with Punjab National Bank Fraud wherein all matters in their entirety will be examined,” Minister of State for Corporate and Law & Justice PP Chaudhary told the house.

The investigation is under progress, he said.

On March 7, continuing the probe into the PNB fraud, sleuths of the SFIO questioned the bank’s Managing Director and CEO Sunil Mehta for five hours.

The SFIO had also summoned top executives of ICICI Bank and Axis Bank for questioning into this matter.

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