Choksi’s firms defrauded PNB of additional ₹942.18 cr: CBI to court
The Central Bureau of Investigation (CBI) told the special CBI court on Tuesday that Gitanjali Gems Ltd, Gili India Ltd, Nakshatra Brand Ltd and Asmi Jewellery India Ltd had further defrauded Punjab National Bank (PNB) of an additional amount of ₹ 942.18 crore.
The CBI on Tuesday, submitting the fresh discovery, moved an application to add IPC section 409 (criminal breach of trust by public servant, or by banker, merchant or agent). Additional sessions judge S Tamboli allowed the application and permitted the central investigating agency to add the section in the case.
The CBI counsel told the court, “On February 22 this year, PNB has given an additional complaint whereby the fraud in respect to Foreign Letters of Credit (FLC) has increased by another ₹1251.56 crore,” adding that PNB has submitted a supplementary complaint that the four companies defrauded the bank for an additional amount of ₹942.18 crore.
As per CBI’s case, PNB bank official Gokulnath Shetty allegedly shared the SWIFT password with other individuals, essentially employees, as well as directors of Nirav Modi’s company. The password was the key allowing him to reach out to several banks to release the money to the Nirav Modi and Gitanjali groups through the SWIFT system.
The agency also sought permission for two sub-inspectors of CBI to assist the investigation.
The agency also produced Mohinder Kumar Sharma, chief manager of Punjab National Bank in the court. The court remanded Sharma in judicial custody till March 27. Sharma was the internal chief auditor of PNB, Brady House Branch, between 2015 and 2017.
The CBI has, so far, made 18 arrests in the case, after two FIRs were registered against Nirav Modi and his uncle Mehul Choksi. Among the arrested are retired and serving officials of the bank and senior executives linked to Modi’s and Choksi’s firms.