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CBI arrests five more over PNB - Nirav Modi money laundering case


New Delhi, Feb 20: In a significant advancement in the Punjab National Bank (PNB) - Nirav Modi fraud case, the Central Bureau of Investigation (CBI) has arrested Vipul Ambani, president, finance of Firestar International Pvt Ltd, on Tuesday evening.

The Enforcement Directorate has also arrested Kavita Mankikar, the executive assistant and authorised signatory of the three accused firms in the PNB - Nirav Modi scam.

The Department has also arrested Arjun Patil, a senior executive of Firestar group; Kapil Khandelwal, CFO of Nakshatra group, and Niten Shahi, manager of Gitanjali group.

The Special CBI court of Mumbai had earlier arrested and sent Bechu Tiwari, Yashwant Joshi, and Praful Sawant to police custody till March 3, 2018. Bechu Tiwari, Yashwant Joshi, and Praful Sawant were arrested on Monday.

While Bechhu Tiwari was the chief manager in the Forex department, Yashwant Joshi was the Scale-II Manager in the Forex department and Praful Sawant a Scale-I officer managing the exportation.

According to CBI the accused are not co-operating to the questioning. Moreover, these accused are putting all the blames on Gokulnath Shetty, the retired deputy manager of Punjab National Bank's (PNB) foreign exchange department at the Brady House in Fort in Mumbai, and certain others regarding this case.

A few weeks ago a massive misappropriation of funds was detected at the Punjab National Bank. It was identified as a 1.77 billion dollar scam. In this huge scam, the Jeweller Nirav Modi has acquired fraudulent letters of undertaking from one of the branches of the Punjab National bank for overseas credit from other Indian banks.

According to reports, the scam episode was started in 2011. But it was detected only during the third week of January 2018. Later the PNB officials themselves have reported it to the Enforcement Directorate.

Eventually, the Punjab National Bank has filed another complaint with the CBI on February 13.

It was on January 28th that the CBI had received a complaint from the PNB. A case was registered later on January 31.

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