pnb scam | PNB scam: Nirav Modi’s company employee gets bail after four years of filing application


PNB Scam: Court issues show cause notice to Nirav Modi, wanted accused of PNB scam

Mumbai. A special Central Bureau of Investigation (CBI) court here granted bail to diamond merchant and Punjab National Bank (PNB) scam accused Kavita Mankikar, who worked in the company, more than four years after she filed a bail application. Special Judge SJ Manjoge, in his order, noted that the Bombay High Court has already held that Mankikar’s arrest is illegal and the central probe agency is at liberty to arrest him again under due process of law.

The special court said, “Till now she has not been arrested, but she is regularly appearing in the court. In such circumstances, no purpose would be served by rejecting his bail application.”

In the bail application filed through advocates Rahul Agarwal and Jasmin Purani, Mankikar cited the High Court. While requesting for bail, he had argued that the chargesheet in the case has been filed and the investigation is complete. However, the probe agency opposed the bail application saying that further investigation in the matter is still going on in India and abroad. The court accepted the bail application after hearing both the sides. The special court noted that the bail application was pending since June 2018.

Significantly, Mankikar was Nirav Modi’s executive assistant and was an authorized signatory in three of his companies Diamonds R US, Stellar Diamonds and Solar Exports. According to the CBI, Mankikar had fraudulently signed the Memorandum of Understanding (LoU).

Significantly, on January 31, 2018, the CBI had registered an FIR against Nirav Modi, his maternal uncle and Gitanjali Gem owner Mehul Choksi and several officials of PNB. Nirav Modi is accused of allegedly defrauding a bank of over Rs 6,498 crore through 150 LoUs. On the other hand, Gitanjali Gem committed a fraud of Rs 4,886 crore through another 150 LoUs. (agency)


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