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Business News/ Industry / Banking/  PNB bank fraud accused gets bail for attending daughter's roka ceremony in Mumbai
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PNB bank fraud accused gets bail for attending daughter's roka ceremony in Mumbai

PNB Bank scam: CBI judge allowed accused Vipul Chitalia to attend a pre-marriage ceremony of his daughter

PNB Bank fraud: A special CBI court granted bail to the Gitanjali group's vice president (MINT_PRINT)Premium
PNB Bank fraud: A special CBI court granted bail to the Gitanjali group's vice president (MINT_PRINT)

Punjab National Bank (PNB) scam accused Vipul Chitalia has been granted bail to attend a pre-marriage ceremony of his daughter.

A special CBI court granted bail to the Gitanjali group's vice president on Thursday.

Chitalia was arrested in March 2018 in connection with the scam in which diamond traders Nirav Modi and Mehul Choksi are the prime accused. Since then, Chitalia has been in the judicial custody at the Arthur Road Jail, Mumbai.

Chitalia sought bail to attend a ceremony ahead of his daughter's marriage.

Special judge V C Barde allowed him to attend the ceremony at his residence in suburban Borivali in police escort on August 14 and 15, as per the court order.

Choksi and Nirav Modi are accused of obtaining Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs) of 12,636 crore from the PNB based on fraudulent claims, and causing the nationalized bank a huge loss. An LoU is a guarantee given by an issuing bank to Indian banks having branches abroad to grant short-term credit to the applicant.

Nirav Modi and his uncle Mehul Choksi are accused of obtaining letters of undertakings (LoUs) and foreign letters of credit (FLCs) of about 13,500 crore from Brady House branch of PNB in favour of foreign branches of Indian banks, based on fraudulent documents, and causing the nationalized bank a huge loss. An LoU is a guarantee given by an issuing bank to Indian banks having branches abroad to grant short-term credit to the applicant.

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Published: 13 Aug 2021, 09:54 AM IST
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