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PNB fraud case: CEO of top private bank, spouse under scanner for lending to Mehul Choksi firm

As the probe into the alleged Rs 13,400-crore fraudulent LoUs at Punjab National Bank widens, the family of a chief executive officer (CEO) of a top private bank along with the CEO has come under the scanner of the government’s investigative agencies.

mehul choksi, pnb scam, nirav modi case, nirav modi money laundering case, pnb fraud case, cbi, indian express PNB fraud case: Mehul Choksi and nephew Nirav Modi are being probed for alleged fraudulent transactions and siphoning of funds, charges both have denied.

As the probe into the alleged Rs 13,400-crore fraudulent LoUs at Punjab National Bank widens, the family of a chief executive officer (CEO) of a top private bank along with the CEO has come under the scanner of the government’s investigative agencies, sources have told The Indian Express.

Sources said that probe agencies are looking into the role of the bank CEO’s family in connection with loans given to Gitanjali Gems Ltd promoted by Mehul Choksi. This bank is part of a consortium of 31 banks that extended loans and guarantees of Rs 5,280 crore to Gitanjali Group.

Express Explained | Punjab National Bank fraud: How the system was gamed

Sources said agencies are probing the alleged role of the CEO’s spouse in getting the loans approved by the private bank for Gitanjali Gems. For securing these loans, sources said, a commission was allegedly charged by the spouse. Sources said agencies are planning to summon this CEO in the first week of April for questioning.

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Choksi and nephew Nirav Modi are being probed for alleged fraudulent transactions and siphoning of funds, charges both have denied.

Modi left India on January 1 while Choksi left on January 4. The government has revoked their passports and the ED has obtained arrest warrants.

First published on: 23-03-2018 at 04:56:50 am
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