PNB Fraud: General Manager-Rank Officer Held, CBI Goes After The Big Fish

A general manager rank officer posted at the head office in New Delhi who is in charge of credits, have been arrested by CBI on Tuesday

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PNB Fraud: General Manager-Rank Officer Held, CBI Goes After The Big Fish

CBI arrests general manager rank official in-charge of credits in New Delhi head office

New Delhi:  After arresting four officials and a former employee of the Punjab National Bank, the CBI has turned its attention to the role of senior bank officers in the massive fraud case involving companies run by diamantaire Nirav Modi and his uncle Mehul Choksi. Rajesh Jindai, a General Manager-rank officer of PNB, posted at the head office in New Delhi, has been arrested in connection with the alleged Rs 11,300-crore fraud. Mr Jindal, who was the head of the Brady House branch of PNB during 2009-11, was taken into custody on Tuesday night.  

It was allegedly during Mr Jindal's tenure at the Brady House branch that the Letters of Undertaking (LoUs) to Nirav Modi's companies were issued. "During Mr Jindal's tenure at PNB's Brady House branch, the practice of issuance of LoUs without sanctioned limits to Nirav Modi group of firms had started," a CBI spokesman said.

Mr Jindal, who will be produced in court on Wednesday, is the highest profile bank officer arrested so far, CBI sources said. PNB has alleged that as far back as 2011, firms owned by Nirav Modi and Mr Choksi began receiving fraudulent LoUs from its Brady House branch that helped them to borrow money from overseas banks.

The Brady House branch in Mumbai, which is in the eye of the controversy, has claimed that it has nothing to do with the case says, news agency Reuters.

Late on Tuesday night, the investigative agency also arrested five senior executives of companies of Nirav Modi and Mehul Choksi. None of the companies have commented on the latest arrests but Mr Modi's lawyer told NDTV that arrests of Vipul Ambani, president, finance, at Firestar International, Kavita Mankikar, executive assistant and authorised signatory of the firms and Arjun Patil, senior executive of the Firestar Group, are shocking.

(With inputs from agencies)

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