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Three PNB officials held in Nirav Modi scam
The CBI on Saturday arrested former deputy general manager of the Punjab National Bank, Gokulnath Shetty, single window operator Manoj Khaat and Hemanth Bhat in connection with the Rs 11365 crore scam by designer jewellery chain owner Nirav Modi.
New Delhi: The CBI on Saturday arrested former deputy general manager of the Punjab National Bank, Gokulnath Shetty, single window operator Manoj Khaat and Hemanth Bhat in connection with the Rs 11365 crore scam by designer jewellery chain owner Nirav Modi.
They were produced before the special CBI court in Mumbai. The troika is accused of issuing fraudulent Letters of Undertaking from one of the branches of the PNB in Mumbai in favour of Hong Kong branches of Allahabad Bank and Axis Bank. They helped Nirav Modi defraud to a tune of Rs 280.7 crore.
The troika had transmitted SWIFT instructions to raise buyers credit without proper procedures.
Meanwhile, the raids on the residences and offices of Nirav Modi continue to be raided access the country. A case under Prevention of Money Laundering Act (PMLA) has been registered against Nirav Modi, who is currently said to be in a hotel in New York.
Following the unearthing of a massive 2011 vintage financial scam of the order of Rs 11,365 crore in a single branch, the Punjab National Bank has suspended 10 officials. The suspended employees were said to be in cahoots with jewellery designer Nirav Modi in embezzling the funds.
Nirav Modi is already in the dock for defrauding PNB to a tune of Rs Rs 280.70 crore in 2017.
