SFIO joins probe against Nirav Modi in PNB scam
Another agency has been added to the probe into the PNB scam involving Nirav Modi. The Serious Fraud Investigation Office is currently probing several jewellers who had done business with Modi.
Questioning of at least 30 jewellers is underway in Gujarat and Maharashtra. The SFIO was roped into probe cash sales and purchases made by Modi. The SFIO suspects that these transactions were made by Modi through these jewellers.
The SFIO is also probing to find out if fake invoices were used to make these purchases. Based on the documents, the SFIO identified 30 jewellers from Gujarat and Maharashtra who had done business with Modi.
Multiple agencies including the Central Bureau of Investigation, Enforcement Directorate and Income Tax Department among others are probing the case.
The PNB in its complaint to the CBI said that two of its employees had fraudulently issued Letters of Undertaking and also transmitted SWIFT instructions to overseas branches of Indian banks.