New Delhi : Top honchos of public sector banks have come under the scanner of the CBI in connection with alleged Rs 321.88 crore loan default case registered against Nirav Modi, officials said on Monday.
The CBI questioned Ravi Shankar Gupta, CFO of Firestar Diamonds International in Mumbai, who is accused in the agency FIR in connection with the case, an official said.
CBI is grilling him to know how the loans were granted and how the diversion of funds happened besides the involvement of senior executives of PSU banks. The loans were given by two consortium of banks to the firms of Modi –Firestar International where PNB is the lead bank and Firestar Diamonds International where Union Bank of India is the lead bank. “There is a difference between the earlier case against Nirav in which LoUs were issued in fraudulent manner and this case where credit limits were sanctioned. In the case of LoUs, one can assume that it was handiwork of lower rung of employees but credit facilities are monitored by various senior-level officials,” the official said.