State

Another senior official lands in CBI dragnet; in Rs 11000 crore PNB scam

The branch is at the center of the alleged fraud involving firms tied to diamond merchants Nirav Modi, whose lawyer has denied any wrongdoing, and his uncle, Mehul Choksi, whose firm Gitanjali Gems, has said it has nothing to do with the case

Another senior official lands in CBI dragnet; in Rs 11000 crore PNB scam

Yet another senior official of the state run Punjab National Bank landed in the Central Bureau of Investigation (CBI) dragnet in connection with the major scam unearthed in the bank.

The inquiry into how the over Rs 11,000 crores fraud had been carried out is continuing.

The CBI said Rajesh Jindal, the former head of the bank’s Brady House branch in Mumbai between August 2009 and May 2011, was arrested.

It need be mentioned that the CBI had earlier arrested five other officials of the PNB.

The branch is at the center of the alleged fraud involving firms tied to diamond merchants Nirav Modi, whose lawyer has denied any wrongdoing, and his uncle, Mehul Choksi, whose firm Gitanjali Gems, has said it has nothing to do with the case.

The bank has alleged that as far back as 2011, firms tied to the duo began receiving fraudulent letters of undertaking (LOUs) from its Brady House branch that enabled them to borrow money from overseas banks.

Jindal, now posted as a general manager handling credit at the bank’s head office in New Delhi, is the highest profile bank official so far arrested, it was informed.

Punjab National Bank has not commented on the arrests since it triggered the inquiry with a complaint to federal police.

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