CBI catches collar of 2 directors of a firm, 8 PNB officials in fraud case

New Delhi, December 20: The Central Bureau of Investigation (CBI) has arrested two Directors of a Mumbai-based private firm and eight officials associated with Punjab National Bank in a fraud case.

 

In a statement, the agency said, it had registered a case on March this year against the official and others on a complaint received from Punjab National Bank, Mumbai. CBI said, the case was registered on the allegations of defrauding of Punjab National Bank, Brady House to the tune of around nine crore rupees in the matter of dishonest and fraudulent issuance of two Letters of Undertakings.

The agency said, the arrested accused were produced before the Court in Mumbai yesterday and remanded to Police Custody till December 21.

"The case was registered on the allegations of defrauding of Punjab National Bank... in the matter of dishonest and fraudulent issuance of two Letters of Undertakings aggregating to the said amount," the CBI said in a statement.

The eight arrested officials were from the Brady house branch where Modi and his uncle Mehul Choksi have been accused of raising more than $2 billion in foreign credit using fake bank guarantees issued by rogue bank staff between 2011 and 2017.

The duo have denied wrongdoing and left India before the controversy came to light in February