The Central Bureau of Investigation told a Mumbai court on Saturday that an official of the Punjab National Bank received gold and diamond jewellery from businessman Nirav Modi, Reuters reported. On February 14, the bank said it had uncovered a scam worth Rs 11,380 crores. It later said the amount could be Rs 1,323 crore higher.
The CBI said Yashwant Joshi, who worked as a manager in the foreign exchange department of the Mumbai branch involved in the fraud, admitted that he received two gold coins weighing 60 grams and a pair of gold and diamond earrings from Modi. The agency said it recovered the articles from Joshi’s house in the presence of witnesses.
“This indicates that he was in collusion with the beneficiaries to cheat the bank,” CBI Inspector D Damodaran said. “He also obtained illegal gratification from the beneficiary party for continuing issuance of fraudulent Letters of Undertaking.” The court has sent Joshi to judicial custody along with four other Punjab National Bank officials and an associate of Nirav Modi.
The CBI had on Thursday accused MK Sharma, an internal auditor at the bank, of conspiring with other officials to carry out the fraud. It also arrested another former bank official, Bishnubrata Mishra, who was the internal chief auditor between 2011 and 2015 at the Brady House branch.
Modi and his associate and uncle Mehul Choksi have denied any role in the fraud.
Limited-time offer: Big stories, small price. Keep independent media alive. Become a Scroll member today!
Our journalism is for everyone. But you can get special privileges by buying an annual Scroll Membership. Sign up today!