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Nirav Modi case: Cyril Amarchand office raided by CBI
Photo Credit: Reuters

The Central Bureau of Investigation had searched the Mumbai office of law firm Cyril Amarchand Mangaldas last week for documents related to the Rs 13,254-crore scam involving diamond merchant Nirav Modi and Punjab National Bank, media reports said.

Legal news portal Bar and Bench cited one person saying Cyril Amarchand was mandated a banking assignment by Nirav Modi a few weeks before the scam broke. The report added that the firm had immediately terminated the assignment as soon as the scam was uncovered.

One of the largest full-service law firms in the country, Cyril Amarchand Mangaldas has over 625 lawyers, including 100 partners.

Billionaire jeweller Nirav Modi and Gitanjali Gems promoter Mehul Choksi are accused in the $2-billion PNB fraud. A section of bank officers had issued fraudulent letters of undertaking to firms owned by the accused.

When contacted, a Cyril Amarchand Mangaldas spokesperson refused to comment on the development.

The Economic Times reported that CBI has also questioned the executive director of Punjab National Bank KV Brahmaji Rao.

On Monday, the public sector bank told the stock exchange that the quantum of unauthorised transactions at its Mumbai branch could increase by Rs 1,325 crore ($204.25 million).

In an earlier filing on February 14, the bank had said that it had detected fraudulent and unauthorised transactions of around Rs 11,400 crore ($1.77 billion) at one of its branches in Mumbai.

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