PNB fraud: MCA mulls legal options to stall Nirav Modi firm Firestar Diamond's bankruptcy proceedings in US
PNB fraud: The move comes close on the heels of the National Company Law Tribunal (NCLT) restraining more than 60 entities, including Nirav Modi, Mehul Choksi, various individuals, companies and limited liability partnership firms, from selling their assets. A multi-agency probe, including by the Serious Fraud Investigation Office (SFIO), is progressing into the scam, whose kingpin is alleged to be Nirav Modi. The fraud, the biggest so far in the Indian banking industry, was perpetrated by way of issuance of fraudulent Letters of Undertaking ( LoUs )
PNB fraud: Earlier this month, a US court passed an interim order that prevents creditors from collecting debt from Nirav Modi-owned Firestar Diamond Inc after it filed for bankruptcy. Image source: Reuters