Tuesday, 20 August, 2019

CBI arrests Gitanjali VP, dubs him 'brain behind PNB fraud'

CBI arrests Gitanjali VP, dubs him 'brain behind PNB fraud' CBI arrests Gitanjali VP, dubs him 'brain behind PNB fraud'
Patty Aguilar | 07 March, 2018, 12:36

Senior Axis, ICICI officials appear before SFIO Senior officials from private sector lenders ICICI Bank and Axis Bank appeared before the Serious Fraud Investigation Office (SFIO) on Tuesday.

Shares of Gitanjali Gems Ltd plunged by another 5% in morning trade as the Central Bureau of Investigation (CBI) tightened the noose on Punjab National Bank (PNB) scam offenders by arresting the vice president of Gitanjali Group of Companies. Judge S.R. Tamboli, giving CBI their custody till March 17, said there were voluminous documents with which the accused needed to confront.

According to the Central Bureau of Investigation or CBI, the government-run PNB official Gokulnath Shetty would return these documents to top company officials after issuing the letters that enabled Nirav Modi and his uncle Mehul Choksi's companies to get credit overseas.

The CBI had received the complaint from the PNB on January 28 and a case was registered in the case on January 31.

Chitalia who is the 19th accused to be arrested in connection with the case was instrumental in preparing applications which were put through for the fraudulent transactions of the Letters of Undertaking, the CBI has alleged. "It is alleged that he was responsible for handling the unauthorised Letters of Understanding and Foreign Letters of Credit and maintaining contact with bank officials", a CBI spokesperson said.

Hammond says free trade agreement must include financial services
British Prime Minister Theresa May said in a speech on Friday that a deal on financial services could and should be part of Britain's new relationship with the EU.

Endangered Sumatran tiger falls victim to brutal killing spree
They later announced plans to kill the animal, despite warnings by conservation officials not to hurt the endangered cat. An investigation showed the remains were missing canine teeth, claws and skin from its face and tail, Reuters reports.

United States man accused of killing Indian techie could plead guilty, say reports
Prosecutors have said that Purinton verbally harassed Kuchibhotla and another Indian man before he was thrown out of the business. The incident began after a Purinton allegedly became agitated with the two 32-year-olds who were having a drink after work.

The CBI had filed the first FIR in the scam on February 14 against Nirav Modi, his wife Ami, brother Nishal, uncle Choksi and his firms Diamond R US, Solar Exports and Stellar Diamond.

Chitalia reached Mumbai earlier in the day after concluding his visit to Bangkok.

Special prosecutor A Limosin told the court that Chitalia reported directly to Choksi.

Chitalia was also the authorised signatory of Choksi's Gitanjali Group for issuance of applications for LoUs and FLCs, he said.

Further, he directly coordinated with Nitin Sahi, the assistant finance manager of the Gitanjali Group who was working under him, the CBI also said.

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