PNB Scam: It is alleged that Rs 11, 400 crore of LoUs were fraudulently issued to Nirav Modi's firms
The CBI has arrested a General Manager-rank officer of the Punjab National Bank posted at the bank's head office In New Delhi in connection with the alleged
Rs 11,300-crore fraud involving billionaire jewellers
Nirav Modi and his uncle Mehul Choksi, officials said.
Rajesh Jindal, who was earlier the head of the Brady House, Mumbai branch of the bank during 2009-11, was taken into custody last night, they said.
It is alleged that the issuance of
Letters of Undertaking to Nirav Modi group firms without sanctioned limits started during his tenure.
Mr Jindal is presently posted as General Manager, Credit, PNB Head Office, New Delhi.
It is alleged that Rs 11, 400 crore of LoUs were
fraudulently issued to the firms of Nirav Modi and Choksi.