PNB fraud case: Vipul Ambani, 4 others from Modi and Choksi’s firms arrested

Vipul Ambani and four others from Nirav Moi and Mehul Choksi’s companies were arrested by the CBI after questioning in the PNB fraud case.

A Nirav Modi showroom is pictured in New Delhi'.
The Central Bureau of Investigation arrested Vipul Ambani and four other senior executives of Nirav Modi and Mehul Choksi’s companies on Tuesday in a Rs 11,400-cr fraud case at a Mumbai branch of the Punjab National Bank, a spokesperson for the agency said.
Vipul Ambani is president (finance) of Modi’s Firestar International company. The others arrested by the CBI were Kavita Mankikar and Arjun Patil of Modi’s firms and Kapil Khandelwal and Niten Shahi of the Gitanjali group, according to a CBI spokesperson.
The investigating agency earlier questioned 10 PNB officials and 18 employees of Modi’s companies and the Gitanjali group in the bank fraud case.
A CBI team also conducted raids at billionaire jeweller Modi’s Alibaug farmhouse near Mumbai.
Modi and firms linked to him are alleged to have acquired fraudulent letters of undertaking (LoUs) from one PNB branch in Mumbai between 2011 and 2017 to obtain loans from Indian banks overseas. Investigative agencies have raided Modi’s properties and arrested bank employees.
A complaint filed by PNB with CBI also names Modi’s maternal uncle Choksi, who heads the Gitanjali group..
The central probe agency also said to have seized some significant documents from the Navi Mumbai, Andheri and Dombivli residences of three PNB officials who were arrested on Monday.
The CBI had raided these places on Monday night after the arrest of Brady house branch’s Chief Manager Bechu B. Tewari and two of his colleagues Yashwant Joshi, Scale II Manager (Forex department) and Praful Sawant, Scale I officer (Export) after their day long questioning.
Resources : Hindustan Times

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