PNB case: Nirav’s aide knew about the fraud, claims CBI

PNB 1vipul Ambani

Photo Courtesy: Internet

Special court today remanded aide Vipul Ambani, the president (finance) of Nirav Modi, and nephew of Reliance Industries founder Dhirubhai Ambani till March 5 in connection with the Rs 11,400 crore in Punjab National Bank (PNB).

Five more were arrested yesterday in connection with two FIRs registered by the CBI involving Modi and his uncle Mehul Choksi, the owner of Gitanjali Gems.

The FIRs are related to fraudulent issuance of 150 Letters of Undertaking (LoU), a kind of bank guarantee, worth Rs 6,498 crore and 143 LoUs worth Rs 4,886 crore, issued during 2011-17.

Ambani, Kavita Mankikar (executive assistant and authorised signatory of three firms--Diamond R US, Stellar Diamond, Solar Exports), Arjun Patil (senior executive, Firestar group), and Rajesh Jindal, the then head of the Brady House branch of PNB, were listed as accused in the FIR registered by the CBI on January 31.

The six were remanded in CBI custody till March 5 by Special Court Judge S R Tamboli.

On Ambani's role, the agency said being the finance department's head from May 2013 to November 2017, he was aware of the fraudulent and illegal LOUs which were being issued by Shetty in conspiracy and guidance of Modi and other employees.

He was visiting and meeting not only the Brady House branch officials of PNB but also the officials of its circle and zonal offices.

"Ambani's knowledge of the fraudulent transactions is proved from the fact that during searches at his office, the applications of fraudulent LoUs made to PNB by the three firms of Nirav Modi were seized," the CBI stated in its remand application.

(With agency inputs)

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