ED raids continue at various locations in PNB scam regards, CBI arrested Ex-PNB Deputy Manager, Gokulnath Shetty and two other officials of PNB on Saturday.
IT Seized many properties of Neerav Modi, the main suspect of PNB scam. Also, Rs. 5600 crore jewelry has been recovered by ED from the Neerav Modi various offices and his showrooms.
Along with Gokulnath Shetty the police arrested Hemant Bhat, who was the authorized signatory of Neerav Modi companies.
The fraud in the company was happening since 2010 where Shetty had a big involvement and the case came to light when Gokulnath retired.
The scam of Rs. 11,800 crore came to light when Neerav Modi applied for the new loan in January and there was no official left who may sensation the loan illegally as the official who was helping Neerav Modi in passing the loans illegally or without any legal document was retired. And when the present officials started investigations for passing the loan they find all the documents along with the letter of undertaking.
Nirav Modi, his brother Nishal, his wife and Mehul Choksi allegedly worked with bank officials to illegally obtain Letters of Undertaking, which were cashed overseas from different banks. All four left the country in the first week of January.
The ministry of external affairs suspended the passports of all the accused and ask ED for help for the further investigation.