The remittance money trail from PNB leads to Modi-controlled American firms, Firestar Diamond, Fantasy and A. Jaffe, which are currently seeking bankruptcy protection in the US. In February 2018, PNB engaged BDO India LLP to conduct a forensic investigation into the fraud, which came to light in mid-January. The ongoing probe by BDO has already uncovered significant connections between the US firms and the Modi entities and the fraud itself. PNB has also questioned certain transactions executed by Mihir Bhansali, a major shareholder in theModi companies tied to the fraud. The US court has also appointed an examiner to conduct an investigation of the firms and their management.

Source: dna May 13, 2018 23:37 UTC