Documents retrieved from Vipul Ambani's office show he knew about dubious LOUs, investigators claim
Vipul Ambani being escorted after his court hearing on Wednesday. Pic/AFP
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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 Rs 11,400 crore money-laundering 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; also, the CBI had not found any material against him. However, during searches at his office in Peninsula Business Park, Lower Parel, officers found applications and acknowledgments of the Letters of Undertaking (LOUs) issued by the Punjab National Bank (PNB).
This, said officers, proves direct involvement (in the scam) and links to Nirav Modi, which the agency wants to probe to build its case. 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.
Across the seas
As per the agency, its first priority is gathering documents in India, after which it will form a team to begin the process for starting the overseas probe in Honk Kong, Belgium and Dubai. Officers said that after getting permission from authorities and courts, they would get 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 Group and Gitanjali Group, 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.
Custody extended
Vipul, Khandewal, Mankikar, Niten Shahi, manager of Gitanjali Group, Arjun Patil, senior executive at Firestar Group, and Rajesh Jindal, general manager at PNB, were produced in court yesterday and remanded in police custody till March 5, even as lawyers representing the accused made a variety of allegations, ranging from illegal detention to vague allegations by the CBI, to try and show that their clients weren't involved in the case.
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