More Arrests Including Vipul Ambani In PNB Fraud
The fraud case of Nirav Modi and PNB has led to arrests of more individuals this week. Yesterday the CFO of Nirav Modi’s firm Vipul Ambani was arrested along with four others by Central Bureau of Investigation, to send a strong signal out to erring debtors that government is not likely to take a soft approach towards them. Nirav Modi’s lawyer expressed shock at the arrest of senior executives comprising of Vipul, Kavita Mankikar the group’s executive assistant who is also its authorized signatory and another senior person Arjun Patil. These three functionaries were arrested to collect details on how the entire fraud was carried out.
Last week five employees of Punjab National Bank belonging to its Mumbai branch were arrested by CBI for a massive fraud committed across several years running into crores for diamond merchant Nirav Modi and his group of firms namely Finestar International, Solar Exports, Stellar Diamond and Diamond R Us. Two parallel bank fraud cases are being investigated by CBI and other central agencies like Enforcement Directorate and Tax Department which has led to seizure of Rs.5600 worth of gold and diamond jewelry along with 26 properties across four cities in India.
Two other individuals arrested during the case investigation include Kapil Khandelwal who is the CFO of Nakshatra and Gitanjali groups along with Niten Shahi who is the groups’ manager. Both these groups belong to Nirav’s uncle Mehul Choksi who is also a co-accused in the fraud. Both these firms have received credit guarantee letters that were issued by PNB that are totally worth Rs.4886 crores. Finance minister Jaitley while speaking about the case stated that these officials would be facing tough questions by CBI for their role in extending LoU to Nirav Modi’s group of companies. According to PTI the CBI’s investigation has led them to a large property in Mumbai which is a popular getaway among celebrities.