Indian agency probing 100 shell companies for links to bank fraud case

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—Photo by AFP


NEW DELHI: India’s financial crime fighting agency is investigating more than 100 “shell companies” that are suspected to be involved in the Punjab National Bank’s (PNBK.NS) near $1.8 billion fraud, a government source said on Tuesday.

The companies were allegedly used by Indian jewelers Nirav Modi and Gitanjali Gems’ Mehul Choksi to route funds, a source at India’s Enforcement Directorate told Reuters.

A lawyer for Modi has denied any wrongdoing. Choksi’s firm has also said it has nothing to do with the fraud case.

A lawyer for Modi has denied any wrongdoing. Choksi’s firm has also said it has nothing to do with the fraud case.—Reuters