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Vipul Ambani Of Nirav Modi's Firm, 4 Others Arrested In PNB Fraud Case

Vipul Ambani, the top executive handling finances of celebrity designer Nirav Modi's firm is among the five officials arrested by the Central Bureau of Investigation on Tuesday evening, a signal that the government's crackdown on the firms that pulled off one of the biggest bank frauds in the country would continue full steam.

The CBI, which has already arrested five Punjab National Bank officials, has turned its attention to the role of senior executives of the private firms for the massive bank frauds linked to companies run by billionaire designer Nirav Modi and his uncle Mehul Choksi.

According to news agency Press Trust of India, the analysis of documents recovered from the premises of Nirav Modi had led the CBI to a palatial bungalow-cum-farmhouse in Alibaug near Mumbai, a weekend getaway popular with celebrities in the business world and Bollywood, where the agency started searches on Tuesday afternoon.    

short by: Nishan Puthran/read more at NDTV

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