The overseas property was identified during investigation, and was attached after gathering concrete evidence of ownership
Nirav Modi
It was alleged that the accused have cheated Punjab National Bank in connivance with certain bank officials by getting the Letters of Understanding (LOUs) issued fraudulently and subsequently securing the enhanced Foreign Letters of Credit (FLCs), ignoring prescribed procedure. Investigations under the PMLA revealed that M/s Abbeycrest (Thailand) Limited is the beneficiary of the fraudulent LOUs issued from PNB to the tune of Rs 92.3 crore.
The overseas property was identified during investigation, and was attached after gathering concrete evidence of ownership. The value of attachment/seizure in the PNB scam has now reached approximately Rs 4,765 crore. Further investigation is in process.
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