Last week, the Central Bureau of Investigation (CBI) had raided Mumbai office of law firm Cyril Amarchand Mangaldas in connection with the over Rs11,300 crore Punjab National Bank (PNB) and Nirav Modi fraud, say reports.
“Cyril Amarchand is understood to have been instructed by (Nirav) Modi – who has not worked with the firm before – less than a month ago in a matter, before the scam came to light.”
“We understand that the firm cooperated with the CBI and handed over all documents related to the Modi mandate to the CBI. The banking-related mandate with Modi is understood to have been terminated by the firm, after the scam came to light on 14th February,” the report added.
“It is understood that the firm was involved in one banking assignment that it took up few weeks before the scam was uncovered. However, according to sources, the firm had immediately terminated the assignment as soon as the scam was uncovered.”
“We also understand that the firm had not even started to work on the assignment when the PNB scam came to light. Sources reveal that the firm fully cooperated with the CBI team that undertook the raid sometime last week. It is also understood that the firm has never dealt with Nirav Modi or his companies prior to this,” the report from Bar & Bench says.
As carried in ml