PNB Scam: CBI Arrest Rajesh Jindal And Vipul Ambani

On Tuesday, the CBI arrested a General Manager (GM) of Punjab National Bank (PNB,) Rajesh Jindal. It is said Jindal held the charge of Branch Head at PNB Brady House branch in Mumbai from August 2009 to May 2011. The CBI said it is during Jindal’s tenure the practice of issuing Letter of Understanding (LoU) without sanctioned limits to Nirav Modi started.

Along with Jindal, the Chief Financial Officer (CFO) of Firestar Vipul Ambani and two more people were arrested. Vipul Ambani is said to be the son of Natubhai Ambani, Dhirubhai Ambani’s younger brother. Vipul has been serving as the CFO of Firestar since 2014. The three other accused are the Chief Manager (CM) in the forex department of PNB’s Brady House branch Bechhu Tiwari, Scale 2 Manager in the forex department Yashwant Joshi and Scale 1 Officer handling the exports section Praful Sawant. The accused will be kept in police custody till the 3rd of March.