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PNB Fraud: Govt likely to ask SFIO to probe case

Union Corporate Affairs Ministry is keeping a close watch on the developments and is likely to take a decision next week, sources told DNA

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The government is likely to ask the Serious Fraud Investigation Office (SFIO) to probe the affairs of companies belonging to Nirav Modi, wife Ami, brother Nishal Modi and uncle Mehul Choksi, sources said.

Union Corporate Affairs Ministry is keeping a close watch on the developments and is likely to take a decision next week, sources told DNA. The SFIO is likely to probe violations of the Companies Act by the companies named in the FIR; breach of subsidiary norms, as per which the firms can’t have more than two layers of subsidiaries; and loan accounts with suspicious activity.

The ICAI has sought balance sheets of accused firms from PNB, ED, CBI and SEBI.

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