Mumbai: The Central Bureau of Investigation (CBI) arrested Rajesh Jindal, General Manager (Credit) of Punjab National Bank (PNB) in connection with the bank scam of Rs.11400 crore on Tuesday late night. He was produced on Wednesday at the special CBI court and remanded to police custody until March 5.
Jindal was the Punjab National Bank Branch head at PNB Brady House in Mumbai during August 2009 to May 2011.During Jindal’s tenure at PNB Brady House branch, the Letter of Undertakings(Soul) were sanctioned. Jindal is presently posted as the General Manager (Credit) at Punjab National bank’s head office at Delhi.
On Tuesday, the CBI arrested Vipul Ambani, the son of Dhirubhai Ambani’s younger brother Natubhai Ambani and four other officials from Gitanjali Group and M/s Diamond R US, M/s Stellar Diamond and M/s. Solar Exports firms in connection with the Punjab National Bank scam worth Rs.11,400 crores. Vipul had been serving as the Chief Financial and Operating Officer(CFO) of Firestar Diamond, a flagship of Nirav Modi since 2014.
Vipul was earlier an Executive Assistant to the Managing Director of Reliance Industries and until 1993 had worked at close quarters with various groups. Modi’s brother, Neeshal is married to Isheta Salgaonkar, the niece of Mukesh Ambani and Anil Ambani. Kavita Mankikar, executive assistant and authorised signatory of M/s. Diamond R US, M/s. Stellar Diamond and M/s Solar Exports firms which is owned by jeweller Nirav Modi, Arjun Patil, a senior executive at Firestar group, Kapil Khandelwal, CFO of Nakshatra group and Gitanjali group and Niten Shahi, manager of Gitanjali group were also arrested.
The wanted accused Mehul Choksi is the Chairman and Managing Director of Gitanjali Gems Limited. The investigations revealed that the beneficiaries of the fraud of Rs.280.70 crores of public money namely Nirav, his wife Ami, his brother Neeshal and partner Mehul, all partners of the firm. The accused were interrogated about the modalities for issuing eight Letter of Understanding (LOUs) to Modi group and his associates. The LOUs were not entered into the system of the PNB and it was done within the financial powers of the held Gokunath Shetty.