One of the biggest frauds in the history of Indian banking seems to deepen with each passing day. A special Central Bureau of Investigation (CBI) court in Mumbai on Saturday sent all three arrested accused in PNB scam case to police custody till March 3.
Earlier on Saturday, CBI arrested three persons including former deputy manager of Punjab National Bank (PNB) Gokulnath Shetty, in connection to their role in the Nirav Modi fraud case, encircling Punjab National Bank (PNB).
Single Window Operator Manoj Kharat and Hemant Bhat (authorised signatory of the Nirav Modi Group of Firms) were also arrested along with Shetty.
Banking Security and Fraud Cell of CBI mentioned in its remand copy that they require police custody of all the three arrested accused for recovery of few missing documents.
CBI said that the policy custody is needed for identifying other absconding accused and to ascertain the exact gravitas of the fraud.
In its remand copy, CBI mentioned that the preliminary investigation on the Letters of Undertakings (LoUs) reveal that Rs 280 crore of fraud could inflate to Rs 6,000 crore.