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Nirav Modi changed structure of firms to conceal crime, says CBI

Nirav Modi changed structure of firms to conceal crime, says CBI

Monday, December 30, 2019, 12:19 PM

The Central Bureau of Investigation's (CBI) investigation into the Rs.13,400 crore Punjab National Bank (PNB) fraud case has revealed that a key accused, jeweller Nirav Modi, changed the partnership structure of three of his firms to conceal the crime, sources said. These three companies are accused of fraudulently acquiring Rs.6,498 crore from the bank via letters of undertaking (LOU), the sources said.
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