PNB scam: 11 people, including former deputy general manager, remanded to judicial custody till 28 March

A special CBI court in Mumbai on Saturday remanded in judicial custody till 28 March the 11 accused arrested in connection with the multi-crore Punjab National Bank (PNB) fraud case

PTI March 17, 2018 20:22:59 IST
PNB scam: 11 people, including former deputy general manager, remanded to judicial custody till 28 March

Mumbai: A special CBI court in Mumbai on Saturday remanded in judicial custody till 28 March the 11 accused arrested in connection with the multi-crore Punjab National Bank (PNB) fraud case.

PNB scam 11 people including former deputy general manager remanded to judicial custody till 28 March

Represntational image. Reuters.

The CBI has alleged that the firms controlled by diamond baron Nirav Modi and his uncle Mehul Choksi had obtained fraudulent LoUs and letters of credit (LCs), worth over 13,000 crore from the PNB in connivance with some officials of the bank.

Modi's firms allegedly defrauded the PNB of over Rs 6,500 crore, while Choksi's firms Rs 7,080 crore.

Key accused Gokulnath Shetty (former deputy General manager of PNB), Manoj Kharat (single window operator of PNB) Hemant Bhat (authorised signatory of Modi's company), Bechhu Tiwari (then chief manager in the Forex department of PNB), were produced in the court of Special CBI judge SR Tamboli on Saturday.

Yashwant Joshi (scale II manager in Forex department), Praful Sawant (scale-I officer handling exports section), Manish Bosamiya (former AGM- operations-of Firestar International Ltd owned by Modi), Miten Pandia (then Financial manager of Firestar), Sanjay Rambhia (auditor of Firestar), Aniyath Shiv Raman Nair (then director of Gili India Ltd, a Gitanjali Group firm owned by Choksi), Vipul Chitalia (VP banking operations of Gitanjali group) were also produced in the court.

The court sent all of them in judicial custody.

The CBI has registered cases against Modi and his companies, and Choksi in connection with the PNB fraud.

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