PNB scam: CBI court sends Vipul Ambani, three others to police custody till March 5
Ambani, the finance chief of jeweller Nirav Modi’s Firestar International company, was arrested on Tuesday night.
A special court of the Central Bureau of Investigation on Wednesday sent four accused in the alleged case of fraud involving the Punjab National Bank to police custody till March 5. The CBI arrested five senior officials, including Firestar International President (Finance) Vipul Ambani and Nakshatra Group Chief Financial Officer Kapil Khandelwal, on Tuesday.
Firestar International is part of the jewellery empire of billionaire Nirav Modi, who is also accused in the case. The jeweller has been booked for fraud and accused of cheating Punjab National Bank. The CBI on Wednesday sealed his farmhouse in Alibag near Mumbai, according to ANI.
The Rs 11,380-crore scam involves 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.
On Monday, the CBI arrested three officers of Punjab National Bank’s Brady House branch in South Mumbai, where the transactions related to the alleged banking fraud involving Modi took place.