Nirav Modi and his firms—Firestar Diamond, Fantasy Inc. and A. Jaffe Inc.—are at the centre of the $2 billion PNB fraud. The ministry has appointed a US-based law firm to represent it in the US bankruptcy court. With this MCA has joined the long list of public sector banks, including Punjab National Bank (PNB), Central Bank of India, and Allahabad Bank, which have all hired American legal firms to assist in the current bankruptcy proceedings. Nirav Modi and his firms are at the centre of the $2 billion PNB fraud. The court has invited bids for assets of the distressed companies till 27 April and auction of the assets will begin on 5 May.

Source: Mint April 10, 2018 15:22 UTC