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CBI has arrested Ex-deputy bank manager of PNB, Gokulnath Shetty then Dy Manager (now Retd). Along with Gokulnath Shetty of Punjab National Bank , Manoj kharat, SWO (single window operator) PNB and Hemant Bhat, Authorised Signatory of the
#NiravModi Group of Firms have also been arrested. They will be produced today(saturday) before CBI special court Mumbai.
Gokulnath Shetty is under The Central Bureau of Investigation (CBI) in connection with the Rs 11,400 crore fraud conducted at the Mumbai branch. All the three will be produced before the CBI special court in Mumbai. It had emerged that the fraudulently issued Letters of Undertaking (LoUs) from the Mumbai branch of PNB were issued in favour of Hong Kong branches of Allahabad Bank and Axis Bank. These letters helped facilitate Rs 280.7 crore fraud by jewelry designer Nirav Modi.
As per the FIR lodged with the CBI, Shetty and Kharat had transmitted SWIFT instructions to the above-mentioned banks for raising buyers credit and for funding the Nostro accounts of PNB, without due procedure. The LoUs were issued on behalf of Diamond R US, Solar Exports, Stellar Diamonds.
The Enforcement Directorate has been raiding the premises of Nirav Modi across the country. A case under Prevention of Money Laundering Act (PMLA) against him and other accused has been registered.
Nirav Modi is currently believed to be hiding in a New York hotel.