The Central Bureau of Investigation on Tuesday arrested five officials of companies associated with businessmen Nirav Modi and Mehul Choksi in connection with two fraud cases. The arrested officials include Firestar International’s president (finance), Vipul Ambani, and Nakshatra Group Chief Financial Officer Kapil Khandelwal, ANI reported.
The investigating agency also arrested Niten Shahi, a manager at Gitanjali Gems, Kavita Mankikar, the authorised signatory of three companies accused of fraud, and Arjun Patil, a senior executive at Firestar.
On Monday, the CBI arrested three officers of Punjab National Bank’s Brady House branch in South Mumbai, where the transactions related to the banking fraud involving Nirav Modi had taken place.
Modi has been booked for fraud and accused of cheating Punjab National Bank in a Rs 11,380-crore scam. The scam involved bank officials allegedly handing out fake Letters of Undertaking on behalf of companies associated with Modi, which allowed him to access massive foreign exchange loans that were completely unsecured.