Vipul Ambani Was Fully Aware Of Fradulent And Illegal LoUs Used In PNB Scam: CBI

| February 22 , 2018 , 15:01 IST

The Central Bureau of Investigation (CBI) during its probe into the Punjab National Bank (PNB) scam in which Jeweller businessman Nirav Modi is the main accused, on Thursday confirmed in a statement that Vipul Ambani was fully aware of the fraudulent LoUs that were used in the scam.

Vipul Ambani, the President Finance of Fire Star Group of Companies of Nirav Modi and nephew of famous business tycoon Dhirubhai Ambani was charged by CBI as having full knowledge of the fraudulent Letters of Understanding (LoUs) signed obtained by Nirav Modi's business empire.

"Vipul Ambani in his aforesaid capacity as President Finance, was also visiting, meeting not only officials of Brady House PNB Mumbai, also the officials of PNB Circle, Zonal office at Mumbai and Head Office, New Delhi," said the CBI in a statement.

"Vipul Ambani, President Finance of Fire Star Group of Companies of Nirav Modi, was fully aware of fraudulent & illegal LoUs, which were issued by Gokulnath Shetty retired Dy. Manager of PNB, Brady House, Mumbai, in conspiracy and guidance of Nirav Modi and other employees," the statement added.

Jeweller businessman Nirav Modi may have left India even before his massive scam of Punjab National Bank, but many of his assets are still available, and the Enforcement Directorate (ED) has stepped up its seizures of Modi-linked assets.

The ED, on Thursday, seized 9 high-end luxury cars of Nirav Modi, and froze mutual funds and shares worth Rs 94.52 crore connected to Nirav Modi and his business partner/uncle Mehul Choksi. The seizures were conducted as a part of the money laundering probe against them in the alleged fraud case of the Punjab National Bank (PNB) worth Rs 11,400 crore.  

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The cars taken by the ED include a Rolls Royce Ghost, a Mercedes Benz, a Porsche Panamera, three Honda variants, a Toyota Fortuner and an Innova.

Previously on Wednesday, the Enforcement Directorate conducted raids at 4 Mumbai offices of Nirav Modi, located at the Opera House, Peddar Road, Goregaon (East) and Powai.

"Assets worth Rs. 10 crore were seized in the operations on Wednesday", a senior ED official confirmed.

Since the probe into Nirav Modi began after PNB released details of the Rs 11,300 crore fraud case on February 14, the ED has seized gems and gold jewellery worth Rs 5,736 crore. In addition, the Income Tax department has attacked assets worth Rs 145 crore.