PNB fraud: Gitanjali Group's vice president arrested

ANI | Updated: Mar 06, 2018 17:54 IST

New Delhi [India], Mar. 6 (ANI): Vipul Chitalia, the vice president of Gitanjali Group of Companies was on Tuesday arrested in connection with Punjab National Bank (PNB) fraud case.

Chitalia, has sent to the CBI custody till March 17 by the special court.

The CBI called Vipul Chitalia the mastermind of the fraud during remand proceedings.

Earlier in the day, the Central Bureau of Investigation (CBI) detained Chitalia at the Mumbai airport for questioning.

The probe agency also added that the news on some channels, regarding the summoning of chief managing directors of private banks in the PNB fraud case is incorrect.

The CBI on Monday sent Manish Bosamiya, Miten Pandya, Sanjay Rambhia and Aniyath Shiv Raman Nair to police custody till March 17 in the case.

Bosamiya, then additional general manager (operation) and Pandya, then finance manager of Firestarter Diamond International Private Limited, a Nirav Modi's diamond firm, were arrested for their alleged role in the preparation of applications for the fraudulent Letter of Understandings (LoUs) submitted to the PNB.

Rambhia, the partner in a Mumbai's Chartered Accountant firm M/s Sampat and Mehta and Aniyath Shiv Raman Nair, then director of M/s Gili India Ltd. was also arrested in the same case.

The Punjab National Bank detected multi crore scam in which Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.

The scam was started in 2011 and was detected in the third week of January this year, after which the PNB officials reported it to the concerned agencies. (ANI)