New Delhi: Top honchos of public sector banks have come under the scanner of the CBI in connection with alleged Rs 321.88 crore loan default case registered against billionaire jeweller Nirav Modi, officials said on Monday.
The CBI on Monday questioned Ravi Shankar Gupta, the chief financial officer of Modi's company Firestar Diamonds International Limited in Mumbai, who is accused in the agency FIR in connection with the case, an official said.
The agency is grilling him to know how the loans were granted and how the diversion of funds happened besides the involvement of senior executives of the PSU banks.
"There is a difference between the earlier case against Nirav Modi in which Letters of Undertaking were issued in fraudulent manner and this case where credit limits were sanctioned. In the case of LoUs, one can assume that it was handiwork of lower rung of employees but credit facilities are monitored by various senior-level officials," the official said.
The CBI has named Nirav Modi, then president (finance) of his company Firestar Diamonds International Limited Vipul Ambani, Ravi Gupta, other directors and officials of the company, and unidentified public servants of the bank, they said.
The head office of bank had declared the accounts of Firestar Diamonds and Firestar International as fraud and reported it to the Reserve Bank of India on March 4, it said.
The bank said a criminal conspiracy was hatched by the accused causing a loss of Rs 321.88 crore which remained outstanding to the public sector bank.
The diamond merchant and his uncle Mehul Choski, promoter of Gitanjali group, are accused in the issuance of LoUs and LCs worth USD 2 billion (approximately Rs 12,636 crore).
The CBI on Monday questioned Ravi Shankar Gupta, the chief financial officer of Modi's company Firestar Diamonds International Limited in Mumbai, who is accused in the agency FIR in connection with the case, an official said.
The agency is grilling him to know how the loans were granted and how the diversion of funds happened besides the involvement of senior executives of the PSU banks.
"There is a difference between the earlier case against Nirav Modi in which Letters of Undertaking were issued in fraudulent manner and this case where credit limits were sanctioned. In the case of LoUs, one can assume that it was handiwork of lower rung of employees but credit facilities are monitored by various senior-level officials," the official said.
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The CBI has named Nirav Modi, then president (finance) of his company Firestar Diamonds International Limited Vipul Ambani, Ravi Gupta, other directors and officials of the company, and unidentified public servants of the bank, they said.
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The head office of bank had declared the accounts of Firestar Diamonds and Firestar International as fraud and reported it to the Reserve Bank of India on March 4, it said.
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The bank said a criminal conspiracy was hatched by the accused causing a loss of Rs 321.88 crore which remained outstanding to the public sector bank.
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The diamond merchant and his uncle Mehul Choski, promoter of Gitanjali group, are accused in the issuance of LoUs and LCs worth USD 2 billion (approximately Rs 12,636 crore).
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