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The Serious Fraud Investigation Office (SFIO) is yet to submit its investigation report to the government on diamond merchant Nirav Modi and his uncle Mehul Choksi with regard to multi-crore Punjab National Bank scam, Parliament was informed on Friday.
A multi-agency probe is already underway into the fraud, which was mainly perpetrated by way of fraudulent Letters of Undertaking (LoUs).
The ministry has ordered investigation into the affairs of of 114 entities directly or indirectly associated with jewellers Nirav Modi, Ami Modi and Mehul Choksi in February 2018 and assigned the same to SFIO with most of the entities having their registered offices in Mumbai, Minister of State for Corporate Affairs P P Chaudhary said in a written reply to Lok Sabha.
“SFIO has not yet submitted the investigation report to the central government,” he added.
Modi and Choksi are the alleged kingpins behind the Rs 13,000 crore fraud at Punjab National Bank.
The SFIO, which also has powers to arrest people, mainly investigates violations under the Companies Act. the probe agency comes under the corporate affairs ministry.
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