Four people were arrested in connection with the PNB scam. The CBI has arrested two employees and an auditor of the Nirav Modi group of companies, while a director of the Gitanjali group of companies owned by Choksi has been taken into custody as well.
Manish K Bosamiya, the then AGM (operations) of Firestarter International Ltd owned by Nirav Modi, and then Finance Manager Miten Anil Pandya were arrested for their alleged role in preparing applications for fraudulent Letters of Undertakings (LoUs) submitted to Punjab National Bank while Auditor Sanjay Rambhia, partner in the chartered accountancy firm Sampat and Mehta, Mumbai has also been arrested along with the then Director of Mehul Choksi's company Gili India, Aniyath Shiv Raman Nair.
Choksi and Modi allegedly got LoUs and FLCs of Rs. 12,600 crore in favour of foreign branches of Indian banks based on fraudulent claims and the accused officials of PNB did not enter the instructions for these LoUs and FLCs in their internal software to avoid scrutiny and that they were sent through an international messaging system for banking called SWIFT, which is used to pass instructions among banks globally to transfer funds.
