The Enforcement Directorate, CBI and I-T department have started a probe in a string of LLP firms created by billionaire diamond merchant Nirav Modi and his uncle Mehul Choksi in the Rs 11,400 crore Punjab National Bank (PNB) fraud case.
The agencies are investigating whether or not the web of these Limited Liability Partnership (LLP) firms that Modi and Choksi used to run over the last two decades were used to funnel black money.
Moneycontrol accessed the list of these companies and found that in many of these companies both Modi and Choksi have exited as directors/partners over the last few years. In a few cases, they have exited as late as 2016, in one case in November 2017.
LLPs are easier to run because of their corporate structure, has minimum compliance requirements.
Here’s the full list:
Over Rs 11,400 crore was siphoned off through Punjab National Bank (PNB) issuing LoUs to Modi. According to PNB’s MD and CEO Sunil Mehta, The fraud started in 2010 and was detected on 25 January 2018. Bank officials and Modi’s accomplices were involved in this case.
The CBI and the ED have registered two FIRs each to probe the case. Both Modi and Choksi have left the country before criminal cases were lodged against them.moneycontrol