The Central Bureau of Investigation (CBI) on Tuesday arrested Firestar International president (finance) Vipul Ambani and four other key executives of companies implicated in the alleged ₹11,400-crore fraudulent transactions in the Punjab National Bank (PNB).
Mr. Ambani, who was President (finance) of the Firestar Diamonds of the Firestar International group, has been arrested in the case against Nirav Modi and others. “He has been accused of being involved in the scam,” said a CBI official.
Executive Assistant Kavita Mankikar, an authorised signatory of three accused companies, and Arjun Patil, a senior executive with the Firestar group, have also been arrested.
Nakshatra CFO detained
In the Gitanjali-Mehul Choksi case of alleged ₹4,887-crore loss to the bank, the CBI arrested Chief Financial Officer of the Nakshatra and Gitanjali group of companies Kapil Khandelwal besides Niten Shahi, a manager with the Gitanjali group.
Earlier on Tuesday, the CBI questioned 10 other PNB officials, including an Executive Director, apart from eight executives working with Nirav Modi’s companies and 10 of Mehul Choksi’s group.
Mr. Modi’s Alibaug farmhouse was also searched.
The CBI had earlier arrested six accused persons, including five PNB officials. Those arrested on Monday were Bechhu Tiwari, Chief Manager and in-charge of the Forex Department; Yashwant Joshi, the then Manager in the Forex Department; and Praful Sawant, an official in the branch’s Export unit.
Earlier on Tuesday, the Bureau questioned 10 other PNB officials, including an Executive Director, apart from eight executives working with Nirav Modi’s companies and 10 of the Mehul Choksi’s group.
Mr. Modi’s Alibaug farmhouse was also searched.
The investigating team has accused supervisory bank officials of attempting to pin the entire blame of the fraudulent transactions on then Deputy Manager Gokulnath Shetty, who has earlier arrested in the case.
The accused officials were responsible for keeping a close watch on daily transactions through the SWIFT messaging system.
The Enforcement Directorate has attached more assets worth ₹10 crore and identified 120 shell companies through which funds were allegedly being routed for the past several years.
“ While 79 of the shell companies are allegedly linked to Mr. Choksi, the others are associated with Mr. Modi, his brother Nishal and his contacts,” an official said.
The ED has also identified 39 immovable properties of various accused persons for attachment under the Prevention of Money Laundering Act as proceeds of the alleged crime.
