CBI capture three :Punjab National Bank Fraud Scam

Mumbai, Feb 17 The Central Bureau of Investigation (CBI) on Saturday captured three in connection with the alleged fraud in the issuance of Letters of Understanding (LoU) worth Rs. 11,400 crore from Punjab National Bank (PNB).

Among captured are Gokulnath Shetty, the then Deputy Manager (now Retired) of Punjab National Bank (PNB) and Manoj Kharat, SWO (single window administrator) PNB and Manoj Hemant Karat, Authorized Signatory of the Nirav Modi Group of Firms.

They will be produced before the CBI special court in Mumbai here today.

Investigation in both the cases and examination of others is proceeding.

Recently, a F.I.R. was registered against two PNB authorities over the extortion with the bank.

A F.I.R. was also registered against Gokulnath Shetty and Manoj Hemant Karat. The F.I.R. said Shetty and Karat in intrigue with blamed organizations duped PNB to the tune of USD 754.92 millions.

"The fraud was done in matter of issuance of unapproved and false Letters of Undertaking for outside branches of Indian based banks and indicated Foreign Letters of Credits for remote providers of blamed organizations," it included.

Prior yesterday, eight PNB workers were suspended in regards to a similar case.

The number of suspended workers now stands at 18, which also includes General Manager level officers. Internal investigation of the bank is still underway.

VIP diamond setter Nirav Modi and his business relate Mehul Choksi are entangled in the PNB extortion case. While Nirav Modi possesses mark 'Nirav Modi', Choksi claims Gitanjali Gems. The PNB has held up two budgetary extortion dissensions of Rs. 11400 crore and Rs. 280 crore against Nirav Modi, his relatives and Mehul Choksi.

The CBI recorded a formal case charging four, Nirav Modi, his better half Ami, sibling Nishal and Mehul Choksi on January 31 over Rs. 280 crore misrepresentation.