PNB rip-off: Senior govt of fugitive diamantaire Nirav Modi’s agency will get bail
Ambani, president (finance) of Modi’s agency Hearth Star Diamond, was arrested by the Central Bureau of Investigation (CBI) in February this 12 months.
Based on the CBI, Ambani was conscious of the fraudulent letters of enterprise (LoUs) issued by PNBs former deputy supervisor Gokulnath Shetty in favour of Modi’s corporations.
Particular CBI Decide J C Jagdale at present allowed Ambani’s bail plea and directed him to furnish a private bond of Rs 1 lakh.
Ambani had sought bail on the bottom that his custody was not required because the CBI had already filed its cost sheet within the case.
“The court docket, whereas granting Ambani bail, has requested him to not go away the nation with out prior permission from the court docket and to not tamper with proof within the case,” Ambani’s counsel Amit Desai stated.
On 31 January this 12 months, the CBI had registered a case in opposition to Modi, his uncle and proprietor of Gitanjali Gems’ Mehul Choksi, and several other others, together with PNB officers.
In its FIR, the CBI had listed eight fraudulent transactions price over Rs 280 crore.
However, based mostly on additional complaints from the financial institution, the company stated the quantum of cash within the first FIR was over Rs 6,498 crore, involving 150 LoUs allegedly issued fraudulently.
The remaining 150 fraudulent LoUs price over Rs 4,886 crore issued for the Gitanjali group of corporations have been a part of the second FIR registered later by the company in opposition to Choksi and his corporations Gitanjali Gems, Nakshatra manufacturers and Gili.