Punjab National Bank fraud case: Gitanjali CFO, Nirav man Vipul Ambani arrested

The CBI on Tuesday also conducted searches at Nirav Modi’s palatial bungalow at Alibaug near Mumbai besides questioning 10 PNB officials.

Published: 21st February 2018 06:53 AM  |   Last Updated: 21st February 2018 06:58 AM   |  A+A-

ED officials seize cash, jewellery and bonds after a raid at Gili Jewellery store in connection with the Nirav Modi-PNB scam in Thane on late Monday. | PTI

By Express News Service

NEW DELHI: The CBI on Tuesday arrested three senior executives of diamantaire Nirav Modi’s group and two of Gitanjali group promoted by Mehul Choksi in connection with two separate cases on the Rs 11,400 crore fraud involving Punjab National Bank.

In the first case, the CBI arrested Vipul Ambani, president, finance of Firestar International; Kavita Mankikar, executive assistant and authorised signatory of the three companies through which the scam came to light, Diamond R US, Solar Export and Stellar Diamond; and Arjun Patil, senior executive of Firestar, a senior CBI official said. In the second case, it arrested Kapil Khandelwal, CFO, Nakshatra and Gitanjali groups and Niten Shahi, manager, Gitanjali.

All five will be produced before a designated court in Mumbai on Wednesday to seek police remand.
The CBI on Tuesday also conducted searches at Nirav Modi’s palatial bungalow at Alibaug near Mumbai besides questioning 10 PNB officials, including a serving executive director in connection with the fraud.
In the evening there was some buzz over Gitanjali outlets asking their employees to collect pink slips, saying the group intended to close them.

Agitated employees feared for the worst and demanded clarity. In Hyderabad, all three outlets of Gitanjali have been shut for the past four days. As many as 685 employees  (a third of them disabled) of the Rajiv Gems Park promoted by Gitanjali were apparently told they had no jobs any longer. They staged a protest.
Speaking at an event in Delhi, Finance Minister Arun Jaitley, in his first comment, blamed auditors for not detecting the fraud.

Crackdown continues

110 I-T dept officers raid 20 premises linked to Mehul Choksi, Gitanjali group in cities like Mumbai, Pune, Surat, Hyderabad and Bengaluru

I-T notice to Anita, Cong leader Abhishek Manu Singhvi’s wife for purchase of jewellery worth `6 crore from Nirav Modi

RBI says it had alerted banks thrice on potential malicious use of SWIFT infrastructure since August 2016; sets up panel under Y H Malegam to look into bank frauds

Nirav Modi’s lawyer asks why would his client run away leaving behind assets worth over
A5,000 cr


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