PNB scam: Former Choksi firm employee Nitin Sahi gets bail

A special CBI court here granted bail to Nitin Sahi, an accused in the multi-crore Punjab National Bank (PNB) scam involving diamantaires Nirav Modi and Mehul Choksi, today.

Nitin Sahi, a former assistant finance manager with Choksi's Gitanjali Group, was granted bail by Special CBI judge J C Jagdale.

Confirming the development, Sahi's lawyer Sanjay Abot said he was granted bail on a surety bond of Rs 1 lakh.

Sahi was arrested on February 20 this year.

The CBI has alleged that Rs 7,080.86 crore were siphoned off by Choksi and his companies using 142 letters of undertaking (LoU) and 58 foreign letters of credit (LoC).

The agency had charged Sahi of being part of the conspiracy.

Nirav Modi and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated the PNB of USD 2 billion through fraudulent LoUs.

Earlier, the special CBI court had rejected the bail pleas of four accused in the case.

The four accused were Hemant Bhatt, authorised signatory of the Nirav Modi group of firms, Arjun Patil, senior executive of Firestar International (a Nirav Modi firm), Miten Pandya, former finance manager in the firm and Manish Bosamiya, the then assistant general manager (operations) of Firestar International.