This is the mastermind of the Rs 12000 crore PNB scam

This is the mastermind of the Rs 12000 crore PNB scam

CBI officials caught Chitalia, the company's vice president for banking operations, when he landed at the airport from Bangkok and was taken to the central agency's office. Before the scam broke out, Choksi had in the first week of January left India for Dubai, Chitalia also said. With that error of judgement, PNB may have risked not just its funds in the hands of Nirav Modi and Mehul Choksi's companies but also that of other banks' outstanding loans to their companies. Mankikar was remanded in CBI's custody till Monday. In the special CBI court, Chitalia didn't have anyone representing him.

Besides being one of the directors of the Gitanjali group of companies, he was the authorised signatory for the applications submitted to PNB for issuance of purported Letters of Understanding (LOUs) and Foreign Letters of Credit (FLCs), CBI said.

The accused PNB officials allegedly did not enter the instructions for these LoUs in their internal software to avoid scrutiny.

"He (Chitalia) was questioned today (Tuesday) in the ongoing investigation of the PNB fraud case".

The reproduction of the story/photograph in any form will be liable for legal action. "The officer conversant with the present case should also remain present in the court to answer all queries", the bench said.

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Shetty is a retired deputy manager of Punjab National Branch. Chitalia was produced before a special CBI court that remanded him in CBI custody till March 17.

The CBI?has so far arrested 18 people after two FIRs were registered against Modi and Choksi.

Rajesh Jindal was a senior PNB official.

Chitalia is a prized catch for the CBI and the Enforcement Directorate which is probing the RS 12,000 crore scam along with several other agencies. Last month, the ED officials had cited independent valuation to claim that they had seized Nirav Modi's properties worth Rs 6,393 crore.

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