PNB scam: 2 bank officials, Nirav Modi's company executive arrested by CBI

People detained including PNB's former deputy manager Gokulnath Shetty, bank's single window operator Manoj Kharat, and Hemant Bhat, who is authorised signatory of the Nirav Modi group firms

The Central Bureau of Investigation (CBI) has arrested two former and current officials of Punjab National bank (PNB), and one executive of Nirav Modi group of companies in the bank’s Rs 114 billion fraud case.

This is the first arrest in one of the biggest scams in the country’s banking history, allegedly premeditated by Nirav Modi and Mehul Choksi, through a clutch of companies they own, in collusion with some PNB officials.

People detained include PNB’s former deputy manager Gokulnath Shetty, bank’s single window operator Manoj Kharat, and Hemant Bhat, who is authorised signatory of the Nirav Modi group firms.