So far, the CBI has arrested 18 persons in connection with the case. (Express Photo: Tashi Tobgyal/File)
In a fresh development, the CBI on Sunday arrested two employees and one auditor of the Nirav Modi Group of Companies in connection with the alleged Punjab National Bank (PNB) fraud case. The investigating agency also arrested a director of the Mehul Choksi-led Gitanjali Group of companies. A total of 18 persons have been held in connection with the case till now.
Manish K Bosamiya, the then Additional General Manager (operation) and Miten Anil Pandya, the then Finance Manager, both of Firestarter International, were arrested for their alleged role in the preparation of applications for the fraudulent Letters of Undertaking (LoU) submitted to PNB. Auditor Sanjay Rambhia, a partner in the Mumbai-based CA firm Sampat and Mehta, has also been arrested in the ongoing investigation.
The agency also arrested Aniyath Shiv Raman Nair, the then director of Gili India Ltd. It was alleged that besides being one of the directors of Gitanjali Group of Companies, Nair was the authorized signatory for the applications made to PNB for the issuance of purported LOUs and FLCs.
Meanwhile, the Directorate of Revenue Intelligence has sanctioned prosecution for Nirav Modi and his three firms including Firestar Diamond International, Firestar International Pvt Limited and Radhashir Jewellery Company Limited. They have been booked under Sections 132, 135(1)(a), 135(1)(b), 135(1)(i) of Customs Act, 1962 and Section 120-B of IPC, 1860, reported news agency ANI.
Non-bailable warrants have also been issued against Modi and Choksi in the Rs 12,636 crore fraud case. In January, PNB found the first evidence of fraud in which few of its employees issued fake Letters of Understanding (LoUs) to companies associated with Nirav Modi.
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