The Enforcement Directorate has discovered a Rs 5,000 crore trail funneled through various layers of shell companies by jeweller-businessman duo Nirav Modi and Mehul Choksi in the Punjab National Bank fraud case. The ED is likely to file charges against the two in the alleged Rs 12,363 crore scam within the month. The CBI has meanwhile widened its probe to other Indian banks whose overseas branches were involved in the issuing of buyer’s credit on the basis of letters of understanding (LoU’s) issued by Punjab National Bank.
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