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PNB scam: CBI initiates probe against Gitanjali Group

ANI  |  New Delhi [India] 

The (CBI) on Wednesday initiated a probe, in connection with the loan given to celebrity Modi's uncle and business partner, Choksi-led Gitanjali Group, by a 31-consortium.

The loan amounts to Rs. 5,280 crores and the consortium was led by the ICICI

Earlier on April 6, the issued a notice to the (ED) on a plea made by Gitanjali Gems, which sought quashing of a money laundering case against the company.

The court has asked for a reply from the enforcement agency by April 11.

On a related note, the CBI, earlier in the day questioned two officials from the branch and one Bank of from the branch in Belgium, in connection to the multi-crore Bank (PNB) scam case.

The on April 8 had also issued a Non-Bailable Warrant (NBW) against Modi

The PNB in February detected the multi-crore scam, wherein Modi and had allegedly cheated the bank to the tune of Rs. 114 billion, with the purported involvement of a few employees of the bank.

The scam, which reportedly began in 2011, was detected in the third week of January this year, after which the PNB officials reported it to the concerned agencies.

The (ED) registered a money laundering case against Modi and others on the basis of a First Information Report (FIR).

Currently, the probe agencies are investigating the matter and have also seized many properties of both Modi and

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 11 2018. 20:40 IST
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