The CBI has called Chief Financial Officer of Nirav Modi in regard to investigation for the scam of Rupees 11,400 crore.
The CFO has been called by the investigating officers in Mumbai for questioning.
Vipul Ambani, another senior officer of a jewellery company was also called together with other officers for interrogations by the CBI.
The investigating agency has questioned 11 PNB officers regarding the hoax that involved fake LOUs revealed by ex bank officers to aid Nirav Modi and Mehul Choksi, his uncle, the owner of Gitanjali Jewels and other associate to get bank credits abroad.
The CBI also seized the PNB branch in Brady House, Mumbai where the scam occurred. It was informed to every bank to report any such fraud involvement with fake agreement in the Letter of Undertaking.
Crime Bureau of Investigation arrested ex Deputy Manager of PNB, Gokulnath Shetty, a clerk Manoj Kharat and authorized signatory of the group Hemand Bhat for involving in issuance of fake guarantees at enormous charges to the persons paying taxes.
Gokulnath Shetty allegedly confessed that he misused his right to use Level-5 password to enter the software called SWIFT that is used to discharge LOUs. He disclosed the password with Nirav’s company and his employees.
A Letter of Undertaking is a guarantee from the bank in which it allows the borrower to gain money from foreign branch of the Indian bank in short-term credit.
The biggest bank scam came under the attention of the government and public in January when the celebrity designer, Nirav Modi’s company and his uncle’s (Mehul Choksi) jewellery company on approval of Punjab National Bank’s Mumbai branch in Brady House for new LOUs for paying the suppliers. When past transactions were investigated by the bank, no proof or copy of any such guarantees was found.
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