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Nirav Modi case: Cyril Amarchand office raided by CBI

By Keshav Sunkara

  • 27 Feb 2018
Nirav Modi case: Cyril Amarchand office raided by CBI
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.

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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.

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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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