PNB fraud: CBI raids top Mumbai law firm

     Written by : SMTV24x7 | Mon, Feb 26, 2018, 07:36 PM

PNB fraud: CBI raids top Mumbai law firm

New Delhi, Feb 26: An office of top law firm Cyril Amarchand Mangaldas was reportedly raided by the Central Bureau of Investigation (CBI) last week in connection with the Punjab National Bank and Nirav Modi scam, according to media reports.

The report says that "Cyril Amarchand is understood to have been instructed by (Nirav) Modi - who has not worked with the firm before - less than a month ago in a matter, before the scam came to light."

We understand that the firm cooperated with the CBI and handed over all documents related to the Modi mandate to the CBI. The banking-related mandate with Modi is understood to have been terminated by the firm, after the scam came to light on 14th February," the report added.

On February 14, PNB announced in a regulatory filing that it had detected fraudulent transactions amounting to over Rs 11,000 crore that were carried out by rogue employees of its Mumbai branch.