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.




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

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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