The Central Bureau of Investigation is looking into the operations of India's largest law firm, Cyril Amarchand Mangaldas, after they seized documents related to the Rs 13,500 crore PNB scam from the CAM premises in Mumbai, the Reuters reported on Wednesday.
In what could be dubbed as India's largest banking fraud, the Punjab National Bank in January alleged that diamond jeweller Nirav Modi and his relatives had for years fraudulently raised billions of dollars in foreign credit by conspiring with the bank staff.
Citing CBI's court filings and witness testimonies, the Reuters reported that Modi's aides packed cartons of documents at one of his diamond firms offices in Mumbai and sent them to CAMs office nearby, from where police seized them within on February 21.
K. Raghavacharyulu, a prosecution lawyer in the Modi case, and two CBI officers said CAM possessed documents detailing Modi's dealings with PNB, even though the firm was not representing the jeweller or his companies.
"CAM was not their attorney in the PNB fraud case, 100 percent sure ... thats why they could not cite attorney-client privilege," Raghavacharyulu was quoted as saying by the Reuters. He also said that his assessment was based on regular briefings he received from CBI investigating officers.
CBI had not named CAM in its first charge sheet in May though the agency had said that incriminating documents/articles relevant to the case were concealed in the law firm's office.
The Reuters quoted a CBI source as saying that the agency is deliberating whether to charge the law firm for concealment of evidence or name it as a prosecution witness to testify against Modi.
CAM declined to comment on the matter. Its spokesperson Madhumita Paul told the Reuters that the news agency’s findings were “full of false and speculative statements”.
She said the firm "strictly follows the legal best practices and does not comment on matters that are sub-judice or are under investigation.”
