PNB scam: CBI arrests Punjab National Bank's GM-rank officer in fraud case

It is alleged that the issuance of Letters of Undertaking (LOUs) to Nirav Modi group firms without sanctioned limits started during his tenure.

New Delhi: The CBI has arrested a General Manager-rank officer of the Punjab National Bank posted at the bank's head office here in connection with the alleged Rs 11,400-crore fraud involving billionaire jewellers Nirav Modi and his uncle Mehul Choksi, officials said. Rajesh Jindal, who was the head of the Brady House, Mumbai, branch of the bank during 2009-11, was taken into custody last night, they said.

BREAKING: CBI arrests a General Manager (GM) rank officer of PNB, Rajesh Jindal, who was the Branch Head at Brady House branch, Mumbai, during August 2009 to May 2011#PNBFraudCasehttps://t.co/qLT4E89bSD

— ABP News (@abpnewstv) February 21, 2018

It is alleged that the issuance of Letters of Undertaking (LOUs) to Nirav Modi group firms without sanctioned limits started during his tenure. Jindal is presently posted as GM, Credit, PNB Head Office, New Delhi. It is alleged that Rs 11, 400 crore of LOUs were fraudulently issued to the firms of Nirav Modi and Choksi. The CBI on Tuesday arrested Vipul Ambani and four other senior executives of Nirav Modi and Mehul Choksi’s companies in the Rs 11,500 crore PNB scam. Other than Vipul Ambani, CBI has arrested Arjun Patil, a senior executive of Fire Star group; Kavita Mankikar, executive assistant and authorised signatory of accused firms;  Kapil Khandelwal, CFO of Nakshatra group and Gitanjali group; Niten Shahi, manager of Gitanjali group