PNB Fraud: Vipul Ambani, 5 Others Sent To Judicial Custody Till March 19

Mumbai:  A special CBI Court has sent the six accused in the Rs 12,636-crore PNB fraud case to judicial custody till March 19. The CBI custody of top executives of Nirav Modi’s firms ended on Monday after arrests last month.

Vipul Ambani, President, Finance, at Firestar International; Kavita Mankikar, Executive Assistant and Authorised Signatory of the three firms of Nirav Modi and Arjun Patil, senior executive of the Firestar Group and two others were produced in a court in Mumbai this afternoon.

The three functionaries of Nirav Modi’s firms – Diamond R US, Stellar Diamond, Solar Exports – were  arrested in the first case registered by the CBI after details of the fraud became public when  the Punjab National Bank lodged complaint with the agency. Several arrests were made last month including that of Vipul Ambani.

In this case, the agency is investigating 150 letters of undertaking issued to Nirav Modi’s companies that let them obtain short-term credit from overseas branches of other Indian banks worth Rs 6,498 crore.

The remaining two – Kapil Khandelwal,  Chief Financial Officer, Nakshatra group and Gitanjali Group, and Niten Shahi, the manager of Gitanjali group – were arrested in connection with the second case registered by the agency on February 15 against Mehul Choksi and his three companies.

The court asked the lawyers to file applications for home food and soft mattress and said the applications will be decided on merit. Vipul Ambani’s lawyer told the court he was suffering from gastroenteritis and back pain. The court directed jail superintendents of Arthur Road and Byculla Women’s jail to allow medical assistance to the accused.

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