PNB Fraud Case: 11 accused get judicial-custody till 28 March
The 11 accused arrested in connection with the multi-crore Punjab National Bank fraud case were remanded in judicial custody till 28 March by a special CBI court in Mumbai. CBI alleged that the firms controlled by Nirav Modi and his uncle Mehul Choksi obtained Rs. 13,000cr-worth fraudulent Letters of Understanding and Letters of Credit from PNB in connivance with some bank officials. Here's more.
Modi's firms obtained Rs. 6,500, Choksi's Rs. 7,000cr: CBI
Modi's firms allegedly defrauded the PNB of over Rs. 6,500cr, while Choksi's firms, Rs. 7,080cr, CBI alleged. Key accused Gokulnath Shetty (PNB's former Deputy General Manager), Manoj Kharat (PNB's single window operator), Hemant Bhat (authorized signatory of Modi's company), Bechhu Tiwari (the then Chief Manager in the Forex department of PNB) were produced in the court of Special CBI judge SR Tamboli today.
Others produced in the special CBI court
Yashwant Joshi (Scale-II Manager in PNB's Forex department), Praful Sawant (Scale-I Officer handling exports), and Manish Bosamiya (former AGM-Operations of Modi's Firestar International) were also produced in the court. Others included Miten Pandia (then Financial Manager of Firestar), Sanjay Rambhia (Firestar auditor), Aniyath Shiv Raman Nair (then director of Gitanjali's Gili India owned by Choksi), and Vipul Chitalia (Gitanjali VP for Banking Operations).
Cases against firms related to Modi, Choksi
The special CBI court has sent all the 11 of them to judicial custody. Meanwhile, the CBI also registered cases against Nirav Modi and his companies and Mehul Choksi in connection with the multi-crore PNB fraud.
