PNB Scam: No Bail for Top Official of Mehul Choksi’s Firm


PTI, Dec 4, 2020, 7:00 PM IST

A special CBI court here on Friday rejected the bail plea of Vipul Chitalia, vice president of the Gitanjali Group of Companies arrested in the multi-crore Punjab National Bank (PNB) scam. Chitalia, who was arrested by the Central Bureau of Investigation in March 2018, had filed a bail application for the second time.

Special CBI judge V C Barde rejected the application. The CBIhad alleged that Chitalia was the “mastermind” for putting through fraudulent transactions along with absconding accused Mehul Choksi, owner of the Gitanjali group.

Chitalia was also the authorised signatory of the group for the issuance of applications for Letters of Undertaking (LoU), the agency said. He was instrumental in preparing applications for carrying out fraudulent LoU transactions with the active connivance of key accused Gokulnath Shetty, a former PNB official, the CBI alleged.

An LoU is a bank guarantee under which a bank can allow its customer to raise money from another, typically overseas bank. Choksi and his nephew Nirav Modi, in connivance with some bank officials, are accused of duping PNB of Rs 14,000 crore by obtaining LoUs fraudulently.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Ayodhya priest tries to burn Pakistan flag

J-K: 108-feet high flag installed by Army in Baramulla

Udupi: Dog ‘Julie’ aka ‘Charlie’ dies, locals express grief

75 electric buses from Switch Mobility hit Bengaluru city roads

Fadnavis gets Home; Shinde to handle Urban Development

Maha: 6 people killed in car-tempo collision in Beed

PM using traumatic events of partition as fodder for his political battles: Congress


Related Articles More

Ayodhya priest tries to burn Pakistan flag

With 500 high mast flags, Delhi has become ‘City of Tricolours’: CM

J-K: 108-feet high flag installed by Army in Baramulla

Fadnavis gets Home; Shinde to handle Urban Development

Mamata urges people to ‘reinforce’ their connection to motherland on eve of I-Day

MUST WATCH

NEWS BULLETIN 14-08-2022

Relief sculpture at Ammai School Compaound

| KABBINALE | Mysterious Waterfall Of Hebri

Shri Araga Gyanendra addressed the gathering. |udayavaninews

News bulletin 13-8-2022


Latest Additions

Ayodhya priest tries to burn Pakistan flag

PM Modi pays homage to those who lost lives during Partition; Cong slams BJP

Moodbidri: Illegal transportation of timber: Lorry seized, one arrested

With 500 high mast flags, Delhi has become ‘City of Tricolours’: CM

J-K: 108-feet high flag installed by Army in Baramulla

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.