The Central Bureau of Investigation (CBI) on Sunday arrested four more people in connection with the billion dollars Punjab National Bank fraud case.The investigation agency arrested an auditor and two employees of jeweller Nirav Modi’s Group of Companies and a director of Gitanjali Group of Companies in the said case.
Manish K Bosamiya, then Additional General Manager (operation) and Miten Anil Pandya, then Finance Manager of Firestarter Diamond International Pvt Ltd., a Modi’s diamond firm, were arrested for their alleged role in the preparation of applications for the fraudulent Letter of Understandings (LoUs) submitted to the PNB.
Sanjay Rambhia, the partner in a Mumbai’s Chartered Accountant firm M/s Sampat and Mehta and Aniyath Shiv Raman Nair, then Director of M/s Gili India Ltd. was also arrested in the same case.
The Punjab National Bank detected a 1.77 billion dollar scam in which Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.
The scam was started in 2011 and was detected in the third week of January this year, after which the PNB officials reported it to the concerned agencies.Meanwhile, the PNB filed a second complaint with the CBI on February 13.The CBI had received the complaint from the PNB on January 28 and a case was registered in the case on January 31.
DRI sanctions prosecution of Nirav Modi’s firms
New Delhi: The Directorate of Revenue Intelligence (DRI) on Sunday sanctioned the prosecution of jeweller Nirav Modi and his three firms in connection with billion dollar Punjab National Bank fraud case.
The decision was taken as per the guidelines of the Central Board of Excise and Customs (CBEC) on the prosecution of persons in duty evasion cases.
Modi will be prosecuted for misdeclaration of value and quantity of the imported Cut and Polished Diamonds, Pearls to Customs and diversion of the Duty Exempted goods to the domestic tariff area clandestinely.He will also be questioned for the falsification of documentation and submission of the same to Customs.
Furthermore, he will be prosecuted for violation of the rules of “authorised operations” of the special economic zones (SEZ) and causing loss of Customs Duty to the government.