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.
Ichiro, Mariners close to deal
Who makes the most sense for the Mariners? Even if it doesn't help the M's compete, that should be a worthwhile experience. Whether Suzuki will be with the Mariners beyond that point is anyone's guess.
Kingstree lottery ticket worth $100K
Mega Millions tickets are $2 each and can be played in 44 states, Washington, D.C. and the U.S. Players have 180 days from the date of the drawing to claim their prizes.
Essential considered a pop-up camera instead of a notch
Maybe, instead, we all could have had pop-up selfie cameras, like the one Vivo showed off at Mobile World Congress last week. For instance, the earpiece is ditched in favor of using a piezoelectric design, where the entire screen acts as a speaker.