The Scam That Spanned Across Geographical Boundaries…

The Scam That Spanned Across Geographical Boundaries…

The Central Bureau of Investigation (CBI) has managed to recover critical records from the workplace of Vipul Ambani who is the current president of finance for beleaguered jewelry firm Firestar International that will prove that he had complete knowledge about the financial fraud committed by his employer Nirav Modi.  Investigators probing the Rs. 11,400 crore case of money-laundering stated that they will now visit the firm’s overseas offices in Hong Kong, Belgium and Dubai.

As per the CBI, Vipul was not taken into custody earlier as he had denied any information or association for the situation; likewise, the CBI too had not discovered any material against him. In any case, during searches at his office located in Peninsula Business Park, the investigators discovered incriminating details about the Letters of Undertaking (LOUs) that were issued by the Punjab National Bank and have been used by Nirav Modi to withdraw huge amounts from foreign branches of Indian banks.

The officers stated that these documents prove that Vipul Ambani had full knowledge about the transaction and is directly involved in the scam. He had been the head of Nirav’s firm between May 2013 and November 2017 and has regularly been in touch with PNB’s officials in the Brady House Branch where the scam was committed and officials in its zonal and head branch. Senior executives Niten Shahi, Vipul, Mankikar, Arjun Patil, and Rajesh Jindal all of whom are co-accused in the PNB-Nirav Modi scam were presented in court yesterday by CBI and remanded to police custody till March 5, even as their lawyers made several allegations about unlawful detention to other dubious charges to free their clients.

Sujata Patil, spouse of Arjun Patil a senior executive of Finestar Diamonds whose remand was extended said in an emotional manner to reporters outside the session’s court that announced the sentence that she would beat Nirav Modi with a slipper (chappal) if he ever returns to India.