It is alleged that Gokulnath Shetty, the key accused in the scam, had been bypassing PNB’s core banking system and issuing LoUs fraudulently for seven years
The Central Bureau of Investigation (CBI) has filed a disproportionate assets case against retired deputy manager of Punjab National Bank (PNB) Gokulnath Shetty, a key accused in the Rs 13,578 crore scam involving Nirav Modi and Mehul Choksi. Shetty has been accused of allegedly amassing disproportionate assets 200 per cent more than his known sources of income.
The CBI's Anti Corruption Branch in Mumbai has registered a case against Shetty and his wife Ashalata for amassing a large number of movable and immovable properties during between April 1, 2011 and May 31, 2017. Shetty retired on May 31, 2017. The agency said that the couple had amassed disproportionate assets to the tune of Rs 2.63 crore.
According to FIR, Shetty and his wife Ashalata had acquired disproportionate assets to the tune of Rs 2.63 crore, which are 238.44 percent disproportionate to their known sources of income. The agency stated that Ashalata is a clerk with Indian Bank.
CBI further pointed out that Ashalata had also been found to have actively assisted her husband in the concealment and acquisition of assets raised from ill-gotten wealth and thereby has abetted the offence of possession of disproportionate assets by a public servant.
Shetty was arrested by the CBI in February this year after the PNB scam surfaced. The fraud came to light when companies of Nirav Modi and Choksi approached PNB's Brady Road branch, Mumbai, in January this year seeking a Letter of Understanding (LoU) for payments to suppliers.
It is alleged that Shetty had been bypassing PNB's core banking system and issuing LoUs fraudulently for seven years.
GUILTY AS CHARGED
It is alleged that Gokulnath Shetty, the key accused in the scam, had been bypassing PNB’s core banking system and issuing LoUs fraudulently for seven years.
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