Nirav Modi Scam: CBI arrests Odia officer of PNB

Lucy Bush
March 5, 2018

CBI told the court that Yashwant Joshi, who worked in the forex department of PNB's Mumbai branch, admitted to having received two gold coins weighing 60 grams and a pair of gold and diamond earrings from Nirav Modi.

The agency has also asked about 16 other banks, apart from the Punjab National Bank, to share with it the details of loans extended and collaterals offered in the case of Modi, Choksi and their companies.

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With this, 18 people have been arrested in connection with the case which came to light on January 31 after the CBI registered a case on a complaint from the PNB against Nirav, his uncle Mehul Choksi, wife Ami and brother Nishal. "His contentions are evasive and only appear to be a facade to somehow escape the clutches of the law", the agency added. The FIR filed by the Central Bureau of Investigation has named 10 senior executives of his organizations accusing them of financial fraud amounting to Rs. 4,800 crore. "He is claiming to be more concerned about his businesses overseas, stating that he is engaged in trying to deal with businesses outside India".

He said the summonses were issued on 15 February, 17 February and 22 February, asking him to appear before the ED. News agency ANI reported that apart from Nirav Modi, his companies were found to be eligible for prosecution under various sections of the Customs Act. In response to the second summons, Nirav Modi said he can not appear before the agency owing to his business commitments. Both have issued statements denying the CBI's charges.

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The Enforcement Directorate on Thursday attached 41 properties of Mehul Choksi of the Gitanjali Group, worth Rs 1,217 crore, in connection with an ongoing probe into the Rs 12,600 crore Punjab National Bank fraud case.

The estimated Rs 12,700 crore fraud was perpetrated by way of fraudulent Letter of Undertakings (LoUs) in connivance with some bank employees. State Bank of India and two other state-run banks, Union Bank of India and Allahabad Bank, are lenders who had extended credit based on the LoUs issued by PNB that were later found to be fraudulent.

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The CBI on Thursday arrested Bishnubrata Mishra of Keonjhar, Odisha, who was working as the Internal Chief Auditor of Punjab National Bank (PNB), in connection with the Dollars 2 billion fraud.

Other reports by Info About Network

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