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US bankruptcy court to probe Nirav Modi’s firm Firestar

DNMUM412214 | 4/16/2018 | Author : Kumar Shankar Roy | WC :660

Mumbai: A US bankruptcy court is the latest addition to the list of entities that have launched an investigation into the over $2-billion fraud involving now fugitive Nirav Modi and some employees of Punjab National Bank (PNB).
United States Bankruptcy Court for the Southern District of New York has okayed a special probe of the circumstances surrounding the case and has directed the United States Trustee to appoint an examiner.
The examiner will have to determine to what extent the Modi entities have the ability to influence the actions taken by diamantaire’s US jewellery business Firestar Diamond Inc, which had filed for bankruptcy protection in America soon after the banking fraud came to light.
The examiner will al
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