PNB branch briefly sealed, CBI questions top Nirav Modi official

The CBI on Monday briefly sealed the Brady House Branch of Punjab National Bank, the nerve centre of the Rs 11,344.40 crore bank fraud, as a security measure to prevent possible tampering even as investigators quizzed senior Nirav Modi staffer Vipul Ambani.

A CBI spokesperson said the searches that began on Sunday is "still continuing" in the Punjab National Bank's Mid Corporate Branch in Brady House.

"The PNB Branch was secured with a seal briefly during wee hours so as to prevent any inadvertent or unauthorised opening by concerned PNB staff. Today the seal and notice at the branch premises were removed. Temporary sealing of the premises was a time bound security measure to prevent possible tampering. It will not affect regular business of the branch since Today is a local Holiday in Maharashtra ( Shivaji Jayanti)," the spokesperson.

Sources said the CBI is also questioning Vipul Ambani, the chief financial officer of diamantaire Nirav's Fire Star diamond company.

Ambani is holding the position for last three to four years and is understood to be a relative of late Dhirubhai Ambani.

Retired deputy manager Gokulnath Shetty and single window operator Manoj Kharat, who are accused of fraudulently issuing Letters of Understanding and Letters of Comfort, were arrested along with authorised signatory of Nirav Modi Group of companies Hemant Bhat.

The CBI is also examining financial transactions of 18 India-based subsidiaries of the Gitanjali group of companies promoted by Nirav's uncle Mehul Choksi to understand the money trail of funds taken from various banks.

Investigators in the ED, CBI and the Income Tax Department are also scanning through around 200 shell firms and "benami" assets in connection with the scam.

These shell firms were being used by the accused to launder money and create "benami" assets in the form of land, gold and precious stones, sources said.