PNB fraud fall out: 200 shell companies are being investigated, 45 jewellery stores raided across India

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The PNB fraud as a result of Nirav Modi case.
After the Nirav Modi exit, many shell companies and benami porperties are being raided. (Courtesy: The Times of India)

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.

1 COMMENT

  1. The sum involved in the alleged fraud in PNB , Mumbai going by the news is whopping one. The news can be said to be covered through implied form in the alert prediction of this Vedic astrology writer in article – “ Astrologically speaking , some highlights for India in coming year 2018” – published last year at theindiapost.com , simultaneously at wionews.com on 19 October , 2017. Just reproducing the text in the related prediction of the said article :-“ (1) Mid-March to 31 May 2018. ………….Chunk of industries may have tough time while looking for vitality. Those involved in decision making or governance of big enterprises or big organizations or think-tanks in the Govt , could be prone to errors or fault-lines or controversies giving rise to revision or amendment. … Some agreements with countries having economic or trading or commercial angle could pose issues causing concern and impeding economic growth”. Here , ‘giving rise to revision or amendment’ obviously means reform or necessary remedial measures.

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