CBI arrests three in PNB fraud scam case

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Gokulnath Shetty
Gokulnath Shetty, retired deputy manager of PNB

In the Rs. 11,400 crore PNB fraud case, the CBI on February 17  arrested three prime accused: Gokulnath Shetty, retired Deputy Manager of PNB, Manoj Kharat, single window operator (SWO) and Hemant Bhat, authorised signatory of the Nirav Modi companies, says reports.

All the three accused will be produced before CBI special court in Mumbai on February 17.

Shetty was involved in issuing fraudulent letters of undertaking (LoU) without informing the higher authorities on behalf of companies of Modi group and Mehul Choksi for seven years. He was one of the employees authorised to use the SWIFT messaging system for sending LoUs, according to reports.

The Central Vigilance Commission (CVC) has summoned the PNB management and Finance Ministry officials to appear before it on February 17.

The Indian Banking Association will hold meeting with Chiefs of all the PSU banks through video conference.

PNB has suspended 18 of its employees so far in this mega banking scam of Rs. 11,400 crore.