-
ALSO READ
PNB fraud: Nirav Modi refuses to join CBI probe citing business engagements 'Explain how scam took place': CVC seeks report from PNB, FinMin in 10 days CBI registers Rs 800-million bank fraud case against PNB officials Rs 114-bn scam: CBI questions PNB CEO Sunil Mehta, Director Brahmaji Rao Eyes wide shut: The $1.8 billion PNB fraud that went completely unnoticed -
The Central Bureau of Investigation (CBI) on Sunday arrested four more people in connection with the billion dollars Punjab National Bank fraud case.
The investigation agency arrested an auditor and two employees of jeweller Nirav Modi's Group of Companies and a director of Gitanjali Group of Companies in the said case.
Manish K Bosamiya, then Additional General Manager (operation) and Miten Anil Pandya, then Finance Manager of Firestarter Diamond International Pvt Ltd., a Modi's diamond firm, were arrested for their alleged role in the preparation of applications for the fraudulent Letter of Understandings (LoUs) submitted to the PNB.
Sanjay Rambhia, the partner in a Mumbai's Chartered Accountant firm M/s Sampat and Mehta and Aniyath Shiv Raman Nair, then Director of M/s Gili India Ltd. was also arrested in the same case.
The Punjab National Bank detected a 1.77 billion dollar scam in which Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.
The scam was started in 2011 and was detected in the third week of January this year, after which the PNB officials reported it to the concerned agencies.
Meanwhile, the PNB filed a second complaint with the CBI on February 13.
The CBI had received the complaint from the PNB on January 28 and a case was registered in the case on January 31.
RECOMMENDED FOR YOU