CBI found that that Modi had managed top officers of PNB Head Office in Delhi and on regular basis used to send his senior employees for courtesy call.
Even after a week, the Central Bureau of Investigation (CBI) has been unable to understand the modus operandi adopted by the billionaire jeweller Nirav Modi to cheat the Punjab National Bank (PNB) of Rs 11,000 crores.
The three top arrested employees on Modi were also unable explain the investigators about the modus operandi used by their employer. The employers were unable to explain before the investigators the way Modi managed to get Letters of Undertaking and Foreign Letters of Credit from the PNB. However, CBI found that that Modi had managed top officers of PNB Head Office in Delhi and on regular basis used to send his senior employees for courtesy call.
The modus operandi and the role of three top Modi's employees into the scam has still not yet been established by the CBI following which the agency sought 14 days reamed. The court has sent the three arrested employees for police remand till March 15.
CBI on Tuesday arrested Vipul Ambani, Vice President finance , Kavita Mankikar, Executive Assistant, and Arjun Patil senior executive of Firestar Diamond International Private Limited.
Ambani is a close relative of late Dhirubhai Ambani and is working in Firestar since 2013.
During the course of the investigation, Kavita Mankikar, Executive Assistant of Nirav Modi, Vipul Ambani, President Finance of Firestar Group of Companies of Modi and Arjun Patel, senior executive, in Firestar International Pvt Limited were examined.
During examination, it was revealed that Ambani as president finance being head of the finance department of the companies of Nirav Modi from May 2013 to November 2017 and thereafter as president investor relations and corporate affairs of Modi Group was fully aware of the fraudulent and illegal Letters of Undertaking which were being issued by Gokulnath Shetty who was then forex manager at PNB Bank at Brady House in conspiracy and guidance of Nirav Modi and other employees of the company. Shetty was arrested on Saturday.
"Ambani as president finance was also visiting and meeting not only the officials of PNB Brady House in the branch but also the officials of PNB circle and zonal office of the bank and also head office in Delhi," CBI stated.
His knowledge of fraudulent transactions is proved from the fact that during searches at Firestar offices the applications of fraudulent Letters of Undertaking made to PNB by three firms of Nirav Modi - Diamonds R US, Solar Exports and Stellar Diamonds - have been seized.
When asked who was preparing and maintaining the books of accounts of the three firms, Ambani failed to give any answers or deny that he was not looking into the affairs of these firms. These documents and circumstances proved his knowledge of fraudulent applications of Letters of Undertaking being made in the same premises of Firestar Group companies and deliberate acts of omission by him by not protesting the issuance of such fraudulent Letters of Undertaking, led to continuance of concealment and large scale fraud in case of PNB and loss and diversion of thousands of crores of public funds.
"The facts prove his part in this sinister conspiracy to cheat PNB," CBI said.
During investigation, it transpired that Kavita Mankikar was the authorised signatory of Diamonds R US, Solar Exports and Stellar Diamonds which have fraudulently obtained LoU from PNB, Brady House branch for issuance of buyer credit. Mankikar had fraudulently signed the applications for issuance of LOUs. During examination, she has not revealed the modus operandi of scam and involvement of other person from the firm as well as the bank. Similarly it transpired that Arjun Patil had prepared the applications submitted to PNB in the name of Modi's three companies which have fraudulently obtained Letters Of Undertaking for issuance of buyer credit. During examination, he also not disclosed how and where such applications were made.
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