PNB Fraud: CBI sends 10 people to judicial custody

WION Web Team
New Delhi, Delhi, India Published: Mar 05, 2018, 12:54 PM(IST)

Representative image. Photograph:( ANI )

The Special CBI court in Mumbai has sent Vipul Ambani President (Finance) of Nirav Modi's Fire Star Diamond and 5 other accused Kavita Makikar, Arjun Patil, Rajesh Jindal, Kapil Khandelwal and Nitin Shahi to judicial custody for 14 days.  

The six arrested in February by the CBI will remain in Judicial custody till March 19. 

The CBI in its interrogation also revealed that the Vipul Ambani had complete knowledge of fraudulent and illegal Letter of Undertakings taken by Nirav Modi. 


Whereas the four accused who were arrested Sunday have been sent to judicial custody for 12 days. 

Manish Bosamiya, Miten Pandya, Sanjay Rambhia and Aniyath Shiv Raman Nair will remain in judicial custody till March 17. 


The CBI also questioned Punjab National Bank's General Manager Treasury, SK Chand in connection with the Fraud case. 

The agency has yet to track down Modi and Choksi, who left India in January before the fraud came to light. Both have issued statements denying the CBI’s charges.

Nirav Modi and Mehul Choksi, owner of Gitanjali gems, are accused of securing unauthorised loans using fraudulent LoUs from the PNB.

They are suspected of colluding with bank officials at PNB to obtain unauthorised loans over a six-year period starting in 2011. 

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