MUMBAI/NEW DELHI (Reuters) - India’s largest law firm, Cyril Amarchand Mangaldas (CAM), is being scrutinized by federal agents after they seized documents related to the $2 billion fraud at state-run Punjab National Bank (PNBK.NS) from CAM’s premises in February, a lawyer representing the government and a police source told Reuters.
In what has been dubbed as India’s biggest bank fraud, PNB in January alleged that billionaire diamond jeweler Nirav Modi and his uncle had for years fraudulently raised billions of dollars in foreign credit by conspiring with staff at the bank.
In mid-February, Modi’s aides packed cartons of documents at one of his diamond firm’s offices in Mumbai and sent them to CAM’s office nearby, from where police seized them within a week on Feb. 21, a review of the Central Bureau of Investigation’s (CBI) court filings and witness testimonies showed.
K. Raghavacharyulu, a prosecution lawyer in the Modi case, and two CBI sources who declined to be named, said CAM possessed documents detailing Modi’s dealings with PNB, even though the firm wasn’t representing the diamond magnate or his companies.
“CAM was not their attorney in the PNB fraud case, 100 percent sure ... that’s why they could not cite attorney-client privilege,” Raghavacharyulu said, adding that his assessment was based on regular briefings he received from CBI investigating officers.
CAM declined to comment on its relationship with Modi, who is on the run overseas. Its spokeswoman, Madhumita Paul, said the firm “strictly follows the legal best practices and does not comment on matters that are sub-judice or are under investigation”.
In CBI’s first charge sheet in May in the fraud case against Modi and others, the agency said that “incriminating documents/articles relevant to the case” were concealed in the office of CAM. No charges were brought against the law firm and it was not named as a witness in the case.
Since then, Raghavacharyulu said, police have not interviewed any CAM official in the case, though one CBI source said that before filing the first charge sheet, police summoned, questioned and recorded the statement of at least one junior CAM lawyer.
Source : https://www.reuters.com/article/us-india-fraud-punjab-natl-bank-exclusiv/exclusive-indian-police-scrutinize-major-law-firm-in-pnb-fraud-probe-after-documents-moved-idUSKCN1LY370Thanks you for read my article Exclusive: Attorney & “The Fight Lawyer” Host Weighs In On Michael Chiesa’s Lawsuit Against Conor McGregor