PNB fraud: Central Bureau of Investigation seizes crucial documents

Nirav Modi

The Central Bureau of Investigation (CBI) has seized crucial documents from the office of Vipul Ambani, president (finance) of Firestar International, which prove he had knowledge of the fraud. Officers said the probe in the R11,400 crore scam will now move overseas, to Hong Kong, Belgium and Dubai.

As per CBI officers, Vipul had not been arrested as he had denied any knowledge or involvement in the case.

However, during searches at his office in Peninsula Business Park, Lower Parel, officers found applications and acknowledgments of LOUs issued by Punjab National Bank. Vipul was head of the finance department of Nirav's company from May 2013 to Nov 2017. Officers said he was in touch with all the bank officials at PNB's branch in Brady House and also with officials in the zonal, circle and head offices.

Officers said they would soon seek letters rogatory from the court to acquire documents from banks and other institutions abroad.
The CBI said that as per its probe so far, two of the arrested accused -- Kapil Khandelwal, CFO, Nakshatra and Gitanjali groups, and Kavita Mankikar, executive assistant and authorised signatory of three accused firms -- are directly linked to the case.

Officers said Khandelwal was directly in touch with Mehul Choksi, Nirav's uncle and partner, and could throw light on how the scam took place and give other key details. Questioning Mankikar could reveal whom she got instructions and documents from, they added.

Meanwhile, the CBI has sealed Nirav's Alibaug bungalow after finding "incriminating documents related to the scam" from the premises.

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