New Delhi: The CBI on Monday arrested three more executives of the Punjab National Bank (PNB) in connection with the Rs 11,400 crore bank loan fraud case relating to diamond czar Nirav Modi and began searches at their residences late in the evening in Mumbai.

The arrested accused persons include Bechhu Tiwari, Chief Manager, in charge of Forex Department. Tiwari is responsible for supervising the work of retired deputy manager Gokulnath Shetty (who was arrested by the CBI last week) and his manager to ensure entry of authorised SWIFT messages only from the system. “He Tiwari) had full knowledge of the activities of Gokulnath Shetty,” a CBI spokesperson said.

The CBI also arrested Yashwant Joshi, Scale II, Manager, Forex Department. “He (Joshi) is responsible for supervising Gokulnath Shetty and ensure daily reports of SWIFT and CBS (Core Banking System) entries. He had full knowledge of the activities of Gokulnath Shetty but took no action, the spokesperson said.

The agency also arrested Praful Sawant, Scale I, Officer, Export. He is responsible for checking the SWIFT messages daily and report, the CBI official said. 

“Searches have begun at their residences located at Navi Mumbai, Andheri, Dombivili. Searches are also going on at office of Nirav Modi group offices at Peninsula Business Park, Lower Parel. Searches at PNB Brady house Fort Mumbai have concluded this late evening,” the spokesperson added.
 

The CBI continued questioning of two CFOs and two other senior executives besides an arrested official of Nirav Modi's companies and 13 PNB officials other than the two arrested bank officials for the second day on Monday in connection with the Rs 11,400 crore loan fraud case.

The Enforcement Directorate (ED) on its part conducted searches at the residence of Nirav Modi in connection with the agency's money laundering probe.

According to ED officials, As many as 35 locations in 11 cities including Mumbai, Pune, Aurangabad, Thane, Kolkata, Delhi, Lucknow, Bengaluru and Surat among others were searched on Monday.

The CBI on Monday grilled the CFOs of Nirav Modi’s firms--- Vipul Ambani and Ravi Gupta---besides President of International Finance Division of the diamond czar’s companies Saurabh Sharma and senior finance executive Subhash Parab. The 13 PNB officials being questioned by the CBI are up to the rank of General Managers. Ambani is said to be a close relative of Late Dhirubhai Ambani, sources said.

Retired Deputy Manager Gokulnath Shetty and Single Window Operator Manoj Kharat besides Authorised Signatory of the Nirav Modi Group of Firms Hemant Bhat, all of whom are on police remand till March 3, were also questioned by the CBI.

During grilling by the CBI sleuths, Shetty had admitted that he had unauthorised access to the password of SWIFT system to issue Letters of Undertaking. Shetty has also admitted that he shared the password to the executives of Nirav Modi's firms, sources added.