PNB scam: Accused Vipul Ambani granted bail
New Delhi , Aug 4 : A special Central Bureau of Investigation (CBI) court in Mumbai on Saturday granted bail to Punjab National Bank (PNB) scam accused Vipul Ambani.
Earlier in February, the CBI arrested six persons, including Ambani for their alleged involvement in the multi-crore PNB scam, involving top jewellery designer Nirav Modi.
The CBI claimed that Ambani, who is the head of finance department of Nirav Modi-owned Firestar Group of Companies was fully aware of the fraudulent and illegal Letter of Undertakings (LoUs) in connection with the case.
The PNB had detected a multi-billion scam earlier this year, in which Nirav and his uncle Mehul Choksi allegedly acquired fraudulent LoUs from one of its branches for overseas credit from other Indian lenders.
Nirav and Choksi had allegedly cheated the bank to the tune of USD 2 billion, with the purported involvement of a few employees of the bank.