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Vipul Ambani, others sent to CBI custody in multi-crore PNB scam

The FIRs are related to fraudulent issuance of 150 Letters of Undertaking (LoU)

Vipul Ambani, others sent to CBI custody in multi-crore PNB scam

Action continues in the multi-crore PNB scam as a special court in Mumbai remanded Vipul Ambani, the president (finance) of Nirav Modi’s Fire Star Diamond, and five others in CBI custody till March 5.

The order came in connection with the Rs 11,400 crore alleged fraud in Punjab National Bank (PNB).

All of these people were arrested on Tuesday in connection with two FIRs registered by the CBI involving Modi and his uncle Mehul Choksi, the owner of Gitanjali Gems.

The FIRs are related to fraudulent issuance of 150 Letters of Undertaking (LoU), a kind of bank guarantee, worth Rs 6,498 crore and 143 LoUs worth Rs 4,886 crore, issued during 2011-17.

Ambani, Kavita Mankikar, who is executive assistant and authorized signatory of three firms–Diamond R US, Stellar Diamond, Solar Exports, Arjun Patil, who is senior executive, Firestar group and Rajesh Jindal, the then head of the Brady House branch of PNB were listed as accused in the FIR registered by the CBI on January 31.

While seeking Shahi’s custody, the CBI said he fabricated applications and related documents for issuance of purported LoUs for fraudulently availing buyers credit.

Shahi claimed all documents were prepared and submitted to Shetty at the instance of one Vipul Chatalia, it said, adding that he was evasive on what was done with the documents once the transactions were completed.

The Special Public Prosecutor told the court that they had to unearth how and where these documents for the issuance of LOUs and FLCs were prepared.

He said the agency wanted to recover the documents relating to issuance of LOUs which were handed back by Shetty after transactions and unearth utilisation of the proceeds of the defrauded amount.

On Ambani’s role, the agency said being the finance department’s head from May 2013 to November 2017, he was aware of the fraudulent and illegal LOUs which were being issued by Shetty in conspiracy and guidance of Modi and other employees.

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