NewsX has accessed some documents that expose the Nirav Modi shell scam. His CA Ramesh Assar has told NewsX that Nirav Modi had floated 14 shell companies. He revealed that these shell companies used to get (Letter of Understanding (LoUs) from Punjab National Bank (PNB). Assar further added that out of these 14 companies, three were floated to make properties while others’ aim was to make investments. He said that he had joined the group back in 2012 and added that Modi had asked him to be the director of the companies.
In order to verify the appalling claims of Nirav Modi’s CA, NewsX’s Atir Khan exclusively accessed the documents where 3 companies were registered at the same address and had same phone numbers. An LoU was demanded from Punjab National Bank from these different companies on the same day. Modi left the country on January 1 but these letters were signed on January 20, means his network was still operating even after he left the country. Had he not been caught, the losses to the PNB would have been even bigger.
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Meanwhile, probably the biggest banking fraud in the country has ballooned to Rs 13,000 crores. Earlier this week, the bank filed another complaint with the Central Bureau of Investigation (CBI) alleging that he had misused legitimate loans and guarantees. Meanwhile, the Income Tax department has revealed that about Rs 5,200-crore receipts were used by to inflate books and avail the loans. As per the sources. the main accused Mehul Choksi and Nirav Modi had used fake receipts to prove turnover in their books.