You are here: Home » Finance » News » Banks
Business Standard

PNB scam: SFIO yet to submit report on Nirav Modi, Mehul Choksi

A multi-agency probe is already underway into the fraud, which was mainly perpetrated by way of fraudulent Letters of Undertaking

Press Trust of India  |  New Delhi 

Nirav Modi
File photo of Nirav Modi

The Investigation Office (SFIO) is yet to submit its investigation report to the government on diamond merchant and his uncle with regard to multi-crore scam, Parliament was informed on Friday.

A multi-agency probe is already underway into the fraud, which was mainly perpetrated by way of fraudulent Letters of Undertaking (LoUs).

The ministry has ordered investigation into the affairs of of 114 entities directly or indirectly associated with jewellers Nirav Modi, and in February 2018 and assigned the same to with most of the entities having their registered offices in Mumbai, said in a written reply to Lok Sabha.

"has not yet submitted the investigation report to the central government," he added.

Modi and are the alleged kingpins behind the Rs 130 bilion at

The SFIO, which also has powers to arrest people, mainly investigates violations under the Companies Act. the probe agency comes under the corporate affairs ministry.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Fri, December 14 2018. 16:15 IST
RECOMMENDED FOR YOU