Probe into PNB scam starts in full swing; 200 shell firms under scanner

The CBI is examining the balance sheets of 18 India-based subsidiaries of the Gitanjali group of firms, promoted by Mehul Choksi, to get a grip on the trail of funds the group took from banks on the basis of guarantees furnished by Punjab National Bank (PNB).

The agency on Sunday evening did searches at the Brady Road branch of PNB in Mumbai, and the operation is likely to continue till morning. CBI officials said the agency was questioning Gokulnath Shetty, a retired PNB official; Manoj Kharat, a serving one; and a signatory of a company run by Nirav Modi, the