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CBI questions deputy general managers in PNB fraud case

Nirav Modi

New Delhi: The CBI today questioned three deputy general managers of Punjab National Bank in connection with its probe into the fraudulent issuance of Letters of Undertaking (LoUs) to jewellers Nirav Modi and Mehul Choksi.

The agency also confronted the 12 accused arrested by it with the material seized during searches, documents and each others’ statements so far.

The CBI had arrested Vipul Ambani, president (finance) of Fire Star Diamond, executive assistant Kavita Mankikar and senior executive Arjun Patil (all of Modi’s companies), Kapil Khandelwal, CFO of Nakshatra group and Gitanjali group, and Niten Shahi, manager of Gitanjali group were also arrested by the agency on Tuesday. An authorised signatory of Modi’s company was also arrested.

From PNB, the agency had arrested Rajesh Jindal, a general manager, retired official Gokulnath Shetty and Single Window Operator Manoj Kharat besides three other officials – Bechhu Tiwari, Yashwant Joshi and Praful Sawant.

Shetty and Kharat allegedly sent messages of the LoUs using an international messaging system for banking systems called SWIFT (Society for Worldwide Interbank Financial Telecommunication), which is used to pass instructions among banks globally to transfer funds but did not make entries in the bank’s system to avoid detection.

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