The government has identified as many as 150 shell companies related to billionaire Nirav Modi, his relatives and associates, according to a senior official.
As a multi-agency probe is underway in the USD 1.77 billion fraud perpetrated at state-owned Punjab National Bank, the corporate affairs ministry has identified 150 shell companies for investigation.
A senior government official today said that in parallel with the actions of the law enforcement agencies and income tax authorities, the ministry “has identified 150 shell companies for investigation”.
Generally, shell companies are those used for illicit fund flows and do not have much business activities. Choksi, Managing Director of listed Gitanjali Gems Ltd., has also come under the lens of markets regulator SEBI and stock exchanges.
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