CBI arrests PNB’s General Manager rank officer in fraud case

The Central Bureau of Investigation (CBI) has arrested a General Manager-rank officer of the Punjab National Bank posted at the bank's head office in connection with the alleged ₹11,400-crore fraud involving billionaire jewellers Nirav Modi and his uncle Mehul Choksi, officials said.

Rajesh Jindal, who was the head of the Brady House, Mumbai, branch of the bank during 2009-11, was taken into custody last (Tuesday) night, they said.

It is alleged that the issuance of Letters of Undertaking (LOUs) to Nirav Modi group firms without sanctioned limits started during his tenure. Jindal is presently posted as GM, Credit, PNB Head Office, New Delhi.

It is alleged that ₹11, 400 crore of LOUs were fraudulently issued to the firms of Nirav Modi and Choksi.