Vipul Ambani met PNB officials from branch to HQ

Top Nirav Modi official Vipul Ambani used to meet officials of Punjab National Bank from its branch in Mumbai to its New Delhi headquarters while it was "fraudulently" issuing Letters of Understanding to his employer that led to a Rs 11,344.40 crore scam, sources claimed on Wednesday.

Another senior official Kavita Mankikar, who was arrested along with Ambani and others on Tuesday, is understood to have told investigators that she was just signing on dotted lines "without knowing the facts and ramification of her actions".

While Ambani is at present president (Investor Relation and Corporate Affairs) of Firestar Group of Companies owned by Nirav Modi, Kavita is an executive assistant and authorised signatory of three Nirav firms.

CBI sources said Ambani, a relative of late industrialist Dhirubhai Ambani, was president (Finance) between May 2013 and November 2017 and assumed his new assignment after that.

Investigators claim he was "fully aware of the fraudulent and illegal" LoUs issued by Gokulnath Shetty, a retired PNB Deputy Manager who was arrested last week.

In his capacity as president (finance), Ambani was "visiting and meeting" not only the officials of PNB's Brady House branch, the nerve centre of the scam, but also officials in the circle and zonal offices in Mumbai and head office in New Delhi.

Investigators also claimed he failed to give any answer on who was maintaining the accounts of Nirav firms or denial that he was not looking into the affairs of companies.

Sources said the CBI claimed that a search at the offices of Nirav in Mumbai's Lower Parel resulted in seizure of applications of fraudulent LoUs made to PNB and it reportedly proved his knowledge of the transactions.

The CBI said none of the accused were "coming out with the truth" and claiming that they were not aware of what was happening in the Brady House Branch.

Kavita claimed she was signing as authorised signatory "as per the instructions of and assurance of Nirav Modi "without knowing the facts and ramification of her actions".

The accused have "not been able to give any reasonable explanation for not blowing the lid off the whole scam".

Their acts not only allowed the fraud to "continue unabated but also allow it to flourish by turning a blind eye to the fraudulent events", investigators claimed.

Sources also claimed Rajesh Jindal, a general manager-level officer who was arrested, was also not cooperating with the investigation.