PNB scam: DGFT to examine violations by Nirav Modi, Mehul Choksi firms

The DGFT grants an advanced licence to companies for availing of benefits under duty exemption schemes

The Directorate General of Foreign Trade (DGFT) has initiated an internal probe to examine whether companies belonging to Nirav Modi and Mehul Choksi, the prime accused in the Rs 114 billion Punjab National Bank (PNB) fraud case, followed foreign trade guidelines while taking loans from banks.

DGFT Director-General Alok Vardhan Chaturvedi has directed officials to examine if the two groups of companies enjoyed benefits of any export promotion schemes.

“The DGFT will examine whether duty exemption and remission schemes have been