PNB Fraud: Vice-president of Gitanjali Group detained by CBI
PNB Fraud: Vice-president of Gitanjali Group detained by CBI.
Vipul Chitalia, the vice-president of Gitanjali Group of Companies was on Tuesday detained by Central Bureau of Investigation (CBI) as a part of its probe into the multi-crore Punjab National Bank (PNB) fraud, an official said.
Chitalia was apprehended at Mumbai airport and brought to the Central Bureau of Investigation (CBI) office at the Bandra-Kurla Complex for questioning.
The Rs 12,636-crore fraud was carried out by billionaire jeweller Nirav Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems. It is alleged that Choksi and Modi got Letters of Undertakings (LoUs) and Foreign Letters of Credit (FLCs) of Rs 12,636 crore issued in favour of foreign branches of Indian banks based on fraudulent claims.
-PTC News
