• Wednesday, August 17, 2022

Business

CBI Scrutinises India’s Biggest Law Firm in PNB Fraud Case

CBI Scrutinises India’s Biggest Law Firm in PNB Fraud Case (Photo Credit: INDRANIL MUKHERJEE/AFP/Getty Images).

By: Radhakrishna N S

India’s biggest legal service provider, Cyril Amarchand Mangaldas (CAM), is being scrutinised by country’s premier investigation agency, Central Bureau of Investigation (CBI) after it took records into its custody from CAM’s premises earlier this year. The documents seized are related to £1.51 billion fraud at government-run Punjab National Bank (PNB), an advocate who represents the government and a police source told Reuters. In what has been dubbed as India’s biggest bank fraud, PNB in January alleged that billionaire diamond jeweller Nirav Modi and his uncle had for years fraudulently raised billions of dollars in foreign credit by conspiring with staff…

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