A special court here on Thursday remanded Deepak Kulkarni, an executive working for Punjab National Bank fraud accused jeweller Mehul Choksi, in the custody of the Enforcement Directorate (ED) till November 12.

The ED arrested Kulkarni Tuesday at the Kolkata airport after he landed from Hong Kong.

The agency is probing money-laundering aspect of the alleged $2 billion fraud at PNB in which Choksi and his diamantaire nephew Nirav Modi are the main accused. Both are absconding.

Kulkarni was brought to Mumbai and produced before a special Prevention of Money Laundering Act (PMLA) court.

The ED sought Kulkarni's custody as part of its probe against Choksi and Nirav Modi for allegedly cheating PNB to the tune of over Rs 130 billion with involvement of some of the bank employees.

The court remanded Kulkarni in the agency's custody till November 12.

According to the ED, Kulkarni was linked to overseas businesses of Choksi, and was a director in a Hong Kong-based 'dummy firm' linked to the latter.