PNB scam: Govt intervenes in Nirav Modi firms' bankruptcy case in US

Diamond merchants Nirav Modi and his uncle Mehul Choksi are alleged to have perpetrated the country's biggest banking sector scam at Punjab National Bank, mainly by way of issuance of fraudulent Letters of Undertaking ( LoUs ). Against the backdrop of  multi-agency  probe into the case, Chaudhary said that some Nirav Modi firms filing for bankruptcy in the US would jeopardise the interests of Punjab National Bank

PNB scam: Govt intervenes in Nirav Modi firms'
Last month, senior government officials had said the effort would be to try stall the bankruptcy proceedings so that the Nirav Modi's Firestar Diamond assets are not liquidated before completion of the probe into the scam. Image source: Reuters

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