PNB fiasco deepens: Special court sends three accused to police custody till March 3

Punjab National Bank

Punjab National BankOne 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.


The Banking & Finance Post is an initiative of Elets Technomedia Pvt Ltd, existing since 2003.
Now, Elets' YouTube channel, a treasure of premier innovation-oriented knowledge-conferences and awards, is also active. To Subscribe Free, Click Here.

Get a chance to meet the Who's who of the NBFCs and Insurance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.