| Log in
Photo Credit: Reuters

Nirav Modi case: Cyril Amarchand office raided by CBI

27 February, 2018

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.

Like this report? Sign up for our daily newsletter to get our top reports.


Leave Your Comment
Cyril Amarchand’s Anshuman Jaiswal joining Greenko as in-house counsel

Cyril Amarchand’s Anshuman Jaiswal joining Greenko as in-house counsel

Maulik Vyas 1 year ago
Anshuman Jaiswal, partner at law firm Cyril Amarchand Mangaldas, is joining...
Former Cyril Amarchand partner Nikhil Naredi joins Shardul Amarchand

Former Cyril Amarchand partner Nikhil Naredi joins Shardul Amarchand

Maulik Vyas 7 months ago
An alumnus of Columbia University and National Law School of India University,...
David Morley joins Cyril Amarchand Mangaldas’ advisory board

David Morley joins Cyril Amarchand Mangaldas’ advisory board

Maulik Vyas 5 months ago
Cyril Shroff-led law firm Cyril Amarchand Mangaldas has appointed David Morley,...
No Comments

Nirav Modi case: Cyril Amarchand office raided by CBI

Powered by WordPress.com VIP