CBI, I-T department, ED widen probe into PNB's Rs 114-billion fraud

CBI said PNB officials Gokulnath Shetty and Manoj Kharat, in connivance with accused companies, defrauded the bank of Rs 48 bn

The central government’s agencies have widened their probe into Punjab National Bank’s (PNB’s) Rs 114-billion fraud, with the income tax (I-T) department launching criminal prosecution against Nirav Modi and also seizing bank accounts of his entities as well as real estate spread across the country on Friday. 

Meanwhile, the Central Bureau of Investigation (CBI) filed its second First Information Report (FIR) against three companies — Gitanjali Gems, Gili India, and Nakshatra — owned by Modi’s maternal uncle Mehul Choksi. The Enforcement Directorate (ED) too filed its second FIR against the three companies under the Prevention of Money laundering Act (PMLA).