PNB-Nirav Modi Fraud: CBI Arrests Rajesh Jindal, General Manager Rank Officer of Punjab National Bank News Desk
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Scam-hit PNB Replies to Nirav Modi Letter, Says Come up With Concrete Plan to Repay Loans

New Delhi, Feb 22: In a stiff reply, the Punjab National Bank (PNB) on Thursday asked billionaire diamond jeweller Nirav Modi to come up with a concrete and implementable plan to repay the Rs 11,300 crore loan his companies have borrowed by fraudulent issuance of Letter of Undertakings (LoU) through one of its branches. “You were getting LoUs issued illegally […]

Mumbai, Feb 21: The Central Bureau of Investigation (CBI) has arrested Rajesh Jindal, a General Manager (GM) rank officer of Punjab National Bank in connection with the Rs 11,400 crore fraud involving diamond czar Nirav Modi. Jindal, arrested on Tuesday night, was the Branch Head at PNB Brady House branch, Mumbai, during August 2009 to May 2011. The alleged fraudulent transactions were reportedly carried out from this branch.

Meanwhile, a CBI special court sent three officials of the Punjab National Bank, who were arrested on Monday, to police custody till March 3. The three accused — Bechhu Tiwari, the then chief manager in the “forex” department of the PNB’s Brady House branch in the city, Yashwant Joshi, scale II manager in the “forex” department, and Praful Sawant, scale-I officer handling the “exports” section — were arrested by the CBI on Monday evening.

On Tuesday, Finance Minister Arun Jaitley broke his silence over the Rs 11,400 crore fraud and said that the state will chase down cheaters to the end even as he took the management of the lender to task for its failure to check the delinquents.

Without naming either the alleged kingpin of the fraud, billionaire jeweller Nirav Modi, or Punjab National Bank, Jaitley questioned the ethics of some businesses in the country and asked as to why the bank’s internal and external auditors could not detect the fraud which had been going on for 7 long years.

The CBI is on the hunt for Nirav Modi and his aide Mehul Choksi, who are reported to have fled the country.