The Central Bureau of Investigation has arrested Rajesh Jindal, the General Manager of Punjab National Bank. he was holding the charge of branch head at the PNB Brady House Branch during August 2009 and May 2011.
It may be recalled that the PNB managed had suspended several officials who were in charge of this branch since 2011. These include current General Manager Rajesh Jindal who was branch in-charge in 2011. PNB has also suspended another General Manager Anil Bansal who was circle head of the bank in 2015 and cancelled Gokulnath Shetty's transfer order because of which Shetty remained in the Brady House Branch for seven years and issued more than 100 LOUs to Nirav Modi and his companies.
On Tuesday, the CBI had arrested Vipul Ambani the top executive handling finances of prime accused Nirav Modi. He is among the five officials to have been arrested.
The Enforcement Directorate has already seized diamonds, gold and other assets worth over Rs. 5,600 crore while the tax department has seized the group's 26 properties in Delhi, Mumbai, Surat and Jaipur.
The three functionaries of Nirav Modi's firms - Diamond R US, Stellar Diamond, Solar Exports - arrested in the first case are Vipul Ambani, president, finance, at Firestar International, Kavita Mankikar, executive assistant and authorised signatory of the three firms and Arjun Patil, senior executive of the Firestar Group.
In this case, the agency is investigating 150 letters of undertaking issued to Nirav Modi's companies that let them obtain short-term credit from overseas branches of other Indian banks worth Rs 6,498 crore.