CBI has arrested Vipul Ambani, Chairman (Finance) of Five Star Diamond Company and CFO of Fire Star Diamond Company of Nirav Modi, on Tuesday (20th February, 2018), in connection with the investigation of the Rs 11,400 crore scam in Punjab National Bank. Giving this information, the CBI said that this is the first major arrest in this case.

The two main accused of the Punjab National Bank scam, Neerav Modi and Mehul Choksi have left India. He said that the investigating agency has arrested four other senior executives in connection with their two FIR lodged in the scandal. Vipul Ambani was arrested along with Executive Assistant Kavita Manakikar and senior Executive Officer Arjun Patil, in connection with the first FIR lodged by the CBI.

Let's say that Kavita Manakikar is the niece of Dhirru Bhai Ambami. Under this FIR, 150 'Letters of Undertaking' (LOU) worth Rs. 6,498 crores is under examination.

LOU is the guarantee that the issuing bank gives to those Indian banks for short-term loans to the applicants which have branches overseas. Kavita Manakikar is also important officials in the three companies, Diamond R US, Stellar Diamond, Solar Exports. The three companies are listed as accused in the FIR lodged by the investigating agency CBI on January 31.

Officials of the CBI told that FIR has been registered in diamond trader Nirav Modi, his wife Amy, brother Nishal and his relative Mehul Choksi. All these people have left India in the first week of January. Sources said that the remaining two persons, Kapil Khandelwal and Nitin Shahi, were arrested on Tuesday (February 20, 2018) in connection with the second FIR filed by the investigating agency. The CBI registered the second FIR against Choksi and three of its companies on February 15th.

The CBI is investigating that Punjab National Bank officials are being fraudulently issued 143 LOU of Rs 4,886 crore. Kapil Khandelwal is the CFO of Nakshatra Group and Gitanjali Group and manager of Shahi Gitanjali Group. Officials said that the CBI today questioned to an executive director of Punjab National Bank and nine other officials in connection with the issuance of money worth Rs 11,400 crore to Modi and Choksi.

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