PNB fraud: CBI arrests four more, including a Malayalee

PNB fraud: CBI arrests four more, including a Malayalee

A special court in Mumbai has issued non-bailable warrants against diamond traders Nirav Modi and Mehul Choksi in the alleged Rs 12,700-crore Punjab National Bank scam.

In her plea, filed through advocate Yashwardhan Tiwari, she claimed that her 14-day custody is illegal as no women can be arrested after sunset, except in exceptional circumstances.

"We issued three summonses to Choksi".

Last month, sources had said the ministry has ordered the SFIO to investigate around 110 companies, including some listed ones, and about 10 LLPs linked to Modi and Choksi.

"A lady executive (Kavita Mankikar) of my organisation has been arrested by the CBI illegally, in complete violation of the Criminal Procedure Code".

It was alleged that besides being one of the directors of the Gitanjali group of companies, Nair was the authorised signatory for the applications submitted to PNB for issuance of LoUs and Foreign Letters of Credit (FLCs).

The CBI said on Sunday that it had arrested Manish Bosamiya and Miten Pandya, both former employees of Firestar International - a company owned by billionaire jeweller Nirav Modi. The LOUs opened by PNB favouring overseas branches of Indian banks which would pay the diamantaires' overseas suppliers of pearls and rough diamonds were not backed by any margin or collateral. The other 150 fraudulent LoUs worth over ₹4,886 crore, issued for the Gitanjali group, were part of the second FIR registered later by the agency against Mr. Choksi and his companies Gitanjali Gems, Nakshatra Brands and Gili.

DNA, on February 18, 2018, had reported that the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) has approached worldwide financial organisations and investigation agencies across the globe and has sought legal help to trace them and seize Modi and Choksi properties.

The CBI also produced other 6 accused in the fraud before a special court seeking police custody for Gokulnath Shetty and judicial custody for the remaining five.

"This indicates that he was in collusion with the beneficiary accused persons to cheat the bank", CBI inspector D. Damodaran said in a court filing.



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