Mumbai : The Central Bureau of Investigation (CBI) on Monday arrested Hasmukh Shah, an ex-director and authorised signatory of Forever Precious Jewellery and Diamonds, a subsidiary of Winsome Diamonds Group, in connection with the Rs 12,600-crore Punjab National Bank fraud.
Shah is a close confidante of Jatin Mehta, an accused in the case and was orchestrating the export-import operations of the Forever Precious Jewellery. He was also allegedly liasioning with PNB.
Forever Precious Jewellery is promoted by Jatin Mehta. In 2013, PNB and Standard Bank of South Africa had reported the firms as wilful defaulters. The consortium had an exposure of Rs 4,000 core to Winsome Diamonds and 2,500 crore to Forever Precious. The audit indicated that the firms had siphoned off the funds. Shah will be produced on Tuesday before the special CBI court.