SFIO probes 107 cos, 7 LLPs in Punjab National Bank scam

The Serious Fraud Investigation Office (SFIO) is probing 107 companies and seven Limited Liability Partnerships linked to Nirav Modi and Mehul Choksi groups with regard to the nearly Rs 12,700 crore Punjab National Bank scam, the government said today.
A multi-agency probe is already underway into the fraud which was mainly perpetrated by way of fraudulent Letters of Undertaking (LoUs).
Finance Minister Arun Jaitley told the Lok Sabha that an investigation by the SFIO has been ordered into the affairs of "107 companies and 7 LLPs belonging to Nirav Modi and Mehul Choksi Groups".
The probe agency comes under the corporate affairs ministry.

In a written reply, Jaitley, who is also the Corporate Affairs Minister, said the ministry has filed a petition against individuals, groups and their entities belonging to Nirav Modi and Mehul Choksi Groups before the Mumbai bench of the National Company Law Tribunal.
"... the tribunal has passed an injunction against all the respondents and other companies, LLPs, trusts and individuals from removal, transfer or disposal of funds, assets and properties of the individuals until further orders," he said.

The CBI has registered cases relating to the Punjab National Bank matter and has made several arrests.
On the basis of FIRs registered by CBI, Enforcement Directorate has filed two cases under the provisions of the Prevention of Money Laundering Act, 2002, the minister said.

"Letter of Request to 13 countries have been issued by the court seeking details of properties, bank accounts of companies etc. The Enforcement Directorate has moved the court for obtaining non-bailable warrants against accused persons. Further investigation is in progress," Jaitley said in the written reply.