PNB scam: Nirav Modi firm senior executive Vipul Ambani gets bail

Ambani, president (finance) of Firestar International Private Limited, was arrested on February 20 after being summoned twice by the CBI. In his bail application, Ambani had submitted that no prima facie case has been made against him by the CBI. He claimed fraudulent letters of undertaking (LoU) were issued by the PNB to the accused between 2011 to May 2017 at the behest of partnership firms Diamond R US, Solar Exports and Stellar Diamonds.

Ambani maintained that he associated himself with Firestar in March 2014 and had no role to play in the process of obtaining or securing the LoUs from PNB. He added that beyond mere allegations, the CBI had submitted no documentary proof of his involvement in the case.

The CBI opposed his plea claiming that as a senior official of a company belonging to the absconding accused, Ambani had been a part of the conspiracy. The court, while accepting the defence’s contention, allowed Ambani bail on grounds that he would not tamper with evidence and also not leave the country without the court’s permission. Further, he was directed to appear before investigating officials every Tuesday till further orders.

So far, other accused who have been granted bail in the case include PNB’s internal auditor Bishnubrata Mishra, CA Sanjaykumar Rambhia, Gili India Limited director Aniyath Shivaraman Nair and PNB staffer Manoj Kharat.