PNB bank fraud: CBI court grants bail to accused for attending daughter’s roka ceremony in Mumbai

On Thursday, Punjab National Bank (PNB) scam accused Vipul Chitalia has been granted bail by a special CBI bench to attend a pre-marriage ceremony (roka) of his daughter.

On Thursday, Punjab National Bank (PNB) scam accused Vipul Chitalia has been granted bail by a special CBI bench to attend a pre-marriage ceremony (roka) of his daughter.

In March 2018, Chitalia was in relation with the scan in which diamond eminent traders like Nirav Modi and Mehul Choksi who are the prime accused in this case. Since then, Chitalia has been kept in judicial custody at the Arthur Road Jail, Mumbai.

Chitalia tried to appeal for a bail plea to attend an upcoming ceremony of his daughter’s marriage.

Special judge V C Barde permitted him to attend the ceremony at his residence in suburban Borivali under a police escort on August 14 and 15, the court order read.

Choksi and Nirav Modi are accused of retrieving Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs) of around 12,636 crore from the PNB bank which accounted for fraudulent claims and causing the nationalized bank a major loss. An LoU is an assurance given by an issuing bank to Indian banks having various branches abroad to access short-term credit to the applicant.

Nirav Modi and his uncle Mehul Choksi are reportedly accused of taking letters of undertakings (LoUs) and foreign letters of credit (FLCs) of around 13,500 crore from the Brady House branch of PNB supporting the foreign branches of Indian banks.

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