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National News

Feb 21, 2018

PNB fraud case: CBI arrests Vipul Ambani and four other senior executives of Nirav Modi and Mehul Choksi's companies

CBI has arrested Vipul Ambani and four other senior executives of Nirav Modi and Mehul Choksi's companies in PNB fraud case. On Monday, the agency had questioned Vipul Ambani who is the chief financial officer of Nirav Modi's Firestar International. The other arrested persons are Kavita Mankikar who is the authorised signatory of three accused persons, a senior executive of Firestar Arjun Patil, CFO of Nakshatra and Gitanjali group Kapil Khandelwal and Manager of Gitanjali group Niten Shahi.
Meanwhile, a special CBI court in Mumbai has sent three officials of the Punjab National Bank to police custody till March 3. The officials, Bechhu Tiwari, Yashwant Joshi and Praful Sawant, working with Brady House branch of the bank in Mumbai, were arrested on Monday in connection with over 11 thousand crore rupee PNB scam. 
The Reserve Bank of India, RBI, has set up a committee to look into the factors leading to increasing incidents of bank frauds. It will be headed by RBI board member YH Malegam who is also a former president of Institute of Chartered Accountants of India (ICAI). The committee will also look into reasons for high divergence in NPA classification and provisioning by banks.
The move comes a week after Punjab National Bank said it has fallen victim to over 11 thousand crore rupee fraud, at the centre of which is billionaire jeweller Nirav Modi.In a statement, RBI said it had ed banks thrice on potential malicious use of SWIFT infrastructure since August 2016, advising them to implement the safeguards detailed in the RBI’s communications, for pre-empting such occurrences. The statement further said that banks have, however, been at varying levels in the implementation of such measures.
In another development, the Enforcement Directorate has said it has notified all the land, sea and airports in the country to prevent the exit of the promoter of Rotomac pens, Vikram Kothari, and his family members from the country. The notice has been issued in connection with its money laundering probe into an alleged bank loan fraud of 3,695 crore rupees. 

The agency also conducted searches at multiple locations in Uttar Pradesh, including in Unnao and Kanpur, to gather evidence in the case. Official sources said that according to a preliminary probe, the loan amount was not used for the intended purpose. The ED has slapped criminal charges under the Prevention of Money Laundering Act against the company and its promoters on February 18, based on a CBI FIR filed on the same day.

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