The Hush Post: In a latest update, a fall out of PNB fraud, Enforcement Directorate and the CBI are investigating more than 200 shell firms even as Rs 11,300 crore alleged fraud at the Punjab National Bank has come to light. Forty-five premises including jewellery stores were raided across the country.
After the Nirav Modi case, about 30 of his properties and that of his family have been temporarily attached by the Income Tax department and will be assessed by the ED under the Prevention of Money Laundering Act.
Meanwhile, the ED and the I-T department have brought under scanner about 200 dummy companies that were being used to send and receive funds as part of the alleged PNB fraud. Benami assets of various kinds like real estate, jewellery stores were being set up by these shell companies to launder money.
Meanwhile, the ED has confiscated diamonds, precious stones, gold worth Rs 5,674 crore parallel to the investigation being carried out by them.
Only yesterday, Income Tax department attached nine bank accounts of Gitanjli Gems which is owned by Mehul Choksi. Apart from this, 29 properties and 105 bank accounts of Nirav Modi have been attached.
At present, the enforcement agencies have nothing with them except, the properties, jewellery stores to fall back on to seize so as to reduce the level of magnitude of the PNB fraud.