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US Court Launches Investigation into PNB Fraud
May 10, 2018
A US court has appointed consultancy firm Alvarez & Marsal to investigate the alleged PNB fraud worth Rs. 14,000 crores involving jeweler Nirav Modi. It will be regarding A Jaffe Inc, Firestar Diamond Inc, and Fantasy Inc, the three jewelry companies based in the US and owned by Nirav Modi.
The Bankruptcy Court for the Southern District of New York said that an investigation will be conducted before initiating bankruptcy proceedings against Modi’s jewelry companies.
Public sector PNB on its end has appointed Indian law firm Shardul Amarchand Mangaldas as well as advocates in the US to represent the case in the bankruptcy court.
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