Federal agents are investigating India’s largest law firm, Cyril Amarchand Mangaldas (CAM) under the ₹13,500 PNB scam by jeweler Nirav Modi, Reuters reported on Wednesday.
A lawyer representing government told news agency that CBI earlier this year seized documents related to the scam at CAM’s premises.
What was the PNB scam?
PNB in January claimed that billionaire diamond jeweler Nirav Modi and his uncle Mehul Choksi have illicitly raised billions of dollar in foreign credit by conspiring with the staff.
The scam was labeled as the biggest fraud by all the analysts.
Probable CAM’s Involvement
Jeweler Nirav Modi, the main accused, has sent boxes of documents at the firm’s premises soon after the fraud caught attention. The law firm had those document despite no sign of representation by jeweler or the company on it, said K Raghavacharyulu who is one of the prosecutors in the case.
What does the sources say?
- Raghavacharyulu in a conversation with Reuters told that CAM was not their attorney in the PNB fraud case, 100% sure…that is why they could not cite attorney-client privilege.”
- The prosecutor also said that CBI’s first charge sheet against Nirav Modi and others was inclusive of “incriminating documents/articles relevant to the case” found at law firm’s office. Interestingly, Cyril Amarchang Mangaldas was never charged of anything like this before neither did it appear as a witness in the case.
- An anonymous CBI officer confirmed that the federal agent have questioned at least one junior lawyer from the firm before filing chargesheet.
Reportedly, CBI is still doubtful about accusing the for keeping evidence in discretion and hence has not yet given any statement in the court.
CAM denied commenting on this subject. They stated “CAM strictly follows the legal best practices and does not comment on matters that are sub judice or are under investigation,” the company’s spokesperson Madhumita Paul told Reuters.
The law firm accused news agency against the wrong findings in this matter.