NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Supreme Court Of India
    Central Bureau Of Investigation (CBI)
    Indian Army
    Indian Railways
    Indian Air Force
    NewsBytes
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout


    India Business World Politics Sports Technology Entertainment Auto Lifestyle Inspirational Career Bengaluru Delhi Mumbai Visual Stories Find Cricket Statistics Phones Reviews Fitness Bands Reviews Speakers Reviews

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
     
    Home / News / India News / PNB Scam: CBI detains Gitanjali Group Vice-President Vipul Chitalia
    India

    PNB Scam: CBI detains Gitanjali Group Vice-President Vipul Chitalia

    PNB Scam: CBI detains Gitanjali Group Vice-President Vipul Chitalia
    Written by Ramya Patelkhana
    (PTI desk)
    Mar 06, 2018, 02:02 pm 2 min read
    PNB Scam: CBI detains Gitanjali Group Vice-President Vipul Chitalia

    The CBI has detained Vipul Chitalia, Vice-President of Gitanjali Group of Companies, as part of its probe into the Rs. 12,636cr Punjab National Bank fraud. Chitalia was apprehended at Mumbai airport and brought to the Central Bureau of Investigation office at Mumbai's Bandra-Kurla Complex for questioning, an official said but didn't divulge any other details about Chitalia's alleged role in the fraud. Here's more.

    Nirav Modi, Mehul Choksi allegedly perpetrated PNB scam

    The Rs. 12,636 crore PNB fraud was allegedly perpetrated by billionaire jeweler Nirav Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems. It is alleged that Choksi and Modi got Letters of Undertakings (LoUs) and Foreign Letters of Credit (FLCs) of Rs. 12,636 crore issued in favor of the foreign branches of Indian banks based on fraudulent claims.

    PNB officials avoided scrutiny by using SWIFT system

    The accused officials of PNB did not enter the instructions for these LoUs and in their internal software to avoid scrutiny. They were sent through an international messaging system for banking called SWIFT, which is used to pass instructions among banks globally to transfer funds.

    What exactly is a LoU?

    A Letter of Undertaking or a LoU is a guarantee which is given by an issuing bank to the Indian banks having branches abroad to grant a short-term credit to the applicant. In case of default, the bank issuing the LoU has to pay the liability to the bank that gave the credit along with the accruing interest.

    Share this timeline
    Facebook
    Whatsapp
    Twitter
    Linkedin
    Mumbai
    Central Bureau Of Investigation (CBI)
    Punjab National Bank
    Nirav Modi

    Mumbai

    Mumbai: Man, upset over losing in UNO, brutally murders neighbor Murder
    Goa-CM Parrikar may go abroad for treatment after Mumbai health-check-up Manohar Parrikar
    INX money-laundering: Karti paid Rs. 1.8cr to influential political leader Karti Chidambaram
    In buying high-tech sex toys, Delhi ahead of Mumbai Delhi

    Central Bureau Of Investigation (CBI)

    INX case: SC refuses Karti Chidambaram protection from arrest Supreme Court Of India
    Students' protest: JLN metro station remains shut for public Delhi Police
    INX-case: Karti to be confronted with the Mukerjeas in Mumbai Mumbai
    PNB scam: Nirav Modi bribed official with gold and diamond India

    Punjab National Bank

    I-T scam: 447 companies illegally diverted TDS worth Rs. 3,200cr Income Tax Department of India
    Budget session stormed by Nirav Modi, Karti Chidambaram issues India
    Congress launches campaign against Centre in Himachal Pradesh Narendra Modi
    PNB Scam: Non-bailable arrest warrants issued for Modi and Choksi India

    Nirav Modi

    Can't confirm if Nirav Modi is in US: State official Central Bureau Of Investigation (CBI)
    US won't confirm reports of Nirav Modi's presence there Central Bureau Of Investigation (CBI)
    Cabinet clears Fugitive Economic Offenders Bill for confiscating fugitives' assets Union Cabinet
    Karti Chidambaram's arrest: Congress says, PM diverting from corruption scandals Karti Chidambaram

    Love India News?

    Subscribe to stay updated.

    India Thumbnail
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2023