PNB fraud fallout: 107 firms, 7 LLPs under SFIO scanner

PNB fraud fallout: 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. Image source: PTI

The government has ordered investigation to be carried out by the Serious Fraud Investigation Office (SFIO) into the affairs of 107 companies and seven limited liability partnerships (LLP) pertaining to multi-billion fraud in Punjab National Bank (PNB), 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, P.P. Chaudhary said.

The investigation is under progress, he informed. 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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PNB Serious Fraud Investigation Office (SFIO)