PNB fraud: Vipul Ambani gets conditional bail

Mumbai, Aug 4: The Special CBI court granted conditional bail to accused Vipul Ambani in Punjab National Bank scam case. The court directed him to furnish security bond of Rs 1 lakh and not to leave India without permission of the court and not to tamper with evidence.

Vipul Ambani is a senior executive in one of fugitive diamond trader Nirav Modi's company. Vipul Ambani, a top official of a company controlled by Nirav Modi,had moved the Bombay high court challenging his arrest in the Punjab National Bank (PNB) fraud case, and sought bail.

Ambani, arrested by the Central Bureau of Investigation (CBI) in February, claimed that the agency did not follow due procedure while arresting him. Ambani was president, finance, at the Nirav Modi-controlled Firestar Group of companies. He is a nephew of Reliance Industries founder late Dhirubhai Ambani.

The CBI had claimed while arresting him that Ambani was aware of fraudulent letters of undertaking issued by PNB's former deputy manager Gokulnath Shetty in favour of Modi's firms.