The CBI has filed a third case in connection with the Punjab National Bank fraud case involving billionaire jeweller Nirav Modi, taking the scope of the scam to at least Rs 12,967.84 crore.
The CBI has filed a third case in connection with the Punjab National Bank fraud case involving billionaire jeweller Nirav Modi, taking the scope of the scam to at least Rs 12,967.84 crore.
The FIR was filed on March 4 by the agency against Modi, his Chief Finance Officer in group company Firestar International Ravi Shankar Gupta, Vipul Ambani, the President (Finance) and others. Vipul Ambani, the relative of Dirubhai Ambani is already arrested by CBI and his is in police custody.
In this FIR, the CBI has calculated that the fraud allegedly committed by Nirav and others to be Rs 321.88 crore. The FIR came following a complaint from the Punjab National Bank.
In its complaint, the PNB said it came to their notice cases of circular transactions between Nirav Modi promoted partnership firms Solar Exports, Stellar diamonds and Diamond R US and Nirav Modi-promoted Firestar Group of companies -- Forestat International Ltd (FIL) and Firestar Diamonds International Pvt Ltd (FDIPL).
It said Firestar Group companies were sanctioned credit limits by the bank under consortium. For FIL, the lead bank was PNB and for FDIPL it was Union Bank.
"It is found that there are fraudulent transactions between these companies and firms namely Solar Exports, Stellar diamonds and Diamond R US and vice versa during the period from 2013 to 2017 in as much as the credit limits sanctioned have not been used for the purpose for which these were sanctioned," the complaint said.
The agency has registered a case and have started am probe into the matter.
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