PNB scam: CBI arrests Vipul Ambani, four others in Rs 11,500 crore bank fraud

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.

Vipul Ambani, President (Finance) of Modi's Fire Star Diamonds, is understood to be a relative of the late industrialist, Dhirubhai Ambani. Photo: The Telegraph Calcutta

NEW DELHI: 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. Vipul Ambani, President (Finance) of Modi's Fire Star Diamonds, is understood to be a relative of the late industrialist, Dhirubhai Ambani. Vipul joined Firestar reportedly around three years ago. Earlier, he had worked at an investment banking firm. He had been holding the position for over three years. According to officials, it is believed he was aware of the financial transactions carried out by the company of the jeweller-businessman Nirav Modi, who fled the country before PNB reported the Rs 11,500-crore fraud.