Mumbai: The Central Bureau of Investigation (CBI) on Thursday said Head of Finance Department of Firestar Group of Companies of Nirav Modi, Vipul Ambani was fully aware of the fraudulent and illegal Letter of Undertakings (LoUs), in connection with the Punjab National Bank (PNB) fraud case.
The LoUs were issued by retired Deputy Manager of Punjab National Bank (PNB) Brady House branch in Mumbai, Gokulnath Setty, in conspiracy and guidance of celebrity jeweller and his other employees.
Ambani in his aforesaid capacity as Finance Head was also visiting and meeting not only the officials of Brady House PNB, but also the officials of PNB Circle, Zonal office at Mumbai and Head Office in New Delhi.
His knowledge of the fraudulent transactions is proved from the fact that on Wednesday, during the searches in this case at the office of Firestar Group of Companies at Peninsula Business Park at Mumbai’s Lower Parel, the applications of fraudulent LoUs made to PNB by the three firms of Nirav Modi- Diamonds ‘R” US, Solar Exports and Stellar Diamonds- were seized.
PNB had lodged two financial fraud complaints of Rs. 11400 crore and Rs 280 crore against Nirav Modi, his family members and Mehul Choksi, owner of Gitanjali Gems.
The Punjab National Bank detected a 1.77 billion dollar scam, in which jeweller Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.
The scam was started in 2011 and was detected in the third week of January this year, after which the PNB officials reported it to the concerned agencies. Meanwhile, the PNB filed a second complaint with the Central Bureau of Investigation (CBI) on February 13. The CBI had received the complaint from the PNB on January 28 and a case was registered in the case on January 31.