PNB Scam: Senior executive of Nirav Modi's firm gets bail
What's the story
A special CBI court in Mumbai today granted bail to Vipul Ambani, a senior executive of a firm owned by diamantaire Nirav Modi, in the multi-crore Punjab National Bank scam. According to the Central Bureau of Investigation, Ambani was aware of the fraudulent letters of undertaking (LoUs) issued by PNB's former Deputy Manager Gokulnath Shetty in favor of Modi's firms.
Details
Ambani to pay personal bond of Rs. 1 lakh
Ambani, President (Finance) of Modi's firm Fire Star Diamond, was arrested by CBI in February this year. Special CBI Judge JC Jagdale today allowed Ambani's bail plea and directed him to furnish a personal bond of Rs. 1L. Ambani had sought bail on the ground that his custody was not required as the CBI had already filed its charge sheet in the case.
Bail plea
Ambani is not supposed to leave the country without permission
"The court, while granting Ambani bail, has asked him not to leave the country without prior permission from the court and not to tamper with evidence in the case," Ambani's counsel Amit Desai said. On January 31 this year, the CBI had registered a case against Modi, his uncle and owner of Gitanjali Gems Mehul Choksi, and several others, including PNB officials.
Scam
LoUs fraudulently issued in the PNB scam
In its FIR, the CBI had listed eight fraudulent transactions worth over Rs. 280 crore. But, based on further complaints from the bank, the agency said the quantum of money in the first FIR was over Rs. 6,498 crore involving 150 LoUs allegedly issued fraudulently. The remaining 150 fraudulent LoUs worth over Rs. 4,886 crore were issued for the Gitanjali group of companies.