Amid the ongoing multi-agency probe into the Rs 12,700 crore Punjab National Bank scam, the NCLT has restrained more than 60 entities, including Nirav Modi, Mehul Choksi, various individuals, companies and limited liability partnership firms, from selling their assets. It has been passed against 64 entities that includes Nirav Modi, Mehul Choksi, few individuals related to the Punjab National Bank, various companies and limited liability partnerships. There is an injunction against these entities from "removal, transfer or disposal of funds, assets and properties" till further order, according to the announcement. The NCLT has posted the matter for further hearing on March 26 when the entities concerned have been asked to present before the tribunal. The estimated Rs 12,700 crore fraud was perpetrated by way of fraudulent Letter of Undertakings (LoUs) in connivance with some bank employees.

Source: dna March 04, 2018 14:03 UTC