Bigger India

US Court Orders Probe Into PNB Fraud

PNB had approached the bankruptcy court and said Nirav Modi and his companies had defrauded lenders.

A US court has initiated an investigation into the alleged fraud involving jeweller Nirav Modi and Punjab National Bank and has appointed Alvarez & Marsal to conduct the inquiry.

The Bankruptcy Court for the Southern District of New York said the investigation has to be carried out before deciding on bankruptcy proceedings against Modi’s companies Firestar Diamond Inc, A Jaffe Inc and Fantasy Inc.


Read it at Economic Times

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