More skeletons are tumbling out as the enforcement agencies probe deeper into the Nirav's affair. The Income Tax department has attached seven properties of Mehul Choksi, Gitanjali group in Mumbai.

This was in addition to the nine bank accounts of the Gitanjali Group which were seized on February 17. The properties are located in Opera House, Bandra, Andheri, and Wadaala in Mumbai.

CBI has arrested three more employees from the MCB Brady House branch. It includes Bechhu Tiwari, Chief Manager of FOREX Department, Yashwant Joshi, the Manager, and Praful Sawant, SCALE-I OFFICER OF EXPORT.

Meanwhile, the CBI is quizzing the Chief Financial Officer Vipul Ambani of nirav modi’s company, and the Brady Road branch of Punjab National Bank is also being searched.

The CBI has widened its dragnet and many new revelations could be in the offing. Mr. Vipul is a relative of the Ambani’s of Reliance Group and was posted in the Brady Road Branch for the last three years. He will be aware of the transactions between the bank and the absconding jeweler-businessman.

Nirav Modi’s whereabouts unknown

The summons sent by Enforcement Directorate has evoked no response from either Nirav Modi or the other accused in the multi-crore pnb scam case.

Each day new revelations have hinted that the scam could be much larger.

It is now known that arrested PNB deputy manager foreign exchange department Gokulnath Shetty who has since retired, illegally accessed Level-5 SWIFT password with Nirav’s firm. It was also revealed that the first Letter of Undertaking (LOU) which was issued in March 2011 was rolled over again and again.

CVC cracks its whip, asks for report in 10 days

The Central Vigilance Commission on Monday has asked the PNB and finance ministry to submit a report in 10 days how a fraud of this magnitude happened in spite of so many checks and regulations.

The CVC also had a meeting with CBI officials and said that it was a system failure at multiple levels. The vigilance commission also saw a two-hour presentation by the PNB and Finance ministry officials explaining how the scam was carried out.

The CBI further sealed the PNB Brady House branch in Mumbai. A notice has been pasted forbidding people to enter the Bank premises. There are unconfirmed reports that PNB staffers could have received kickbacks amounting to Rs 823 crores for granting Letter of Undertakings to the Diamantaire.

According to a report in Business Today, an attempt was made to cover up the mess in November 2017 when ANM Enterprises, a Nirav Modi company gave 750 shares of Rs 10 at a whopping premium of 14 lakh which added up to 106 crores. In all probability, the group was paying interest or commission in a bid to placate the Indian Banks. Nirav Modi’s company, Gitanjali Gems Nakshatra, and Ginni owned by Modi’s relatives are also under scrutiny.

Top officials of Gitanjali Gems have also started to put in their papers and this included Chief Financial Officer (CFO) Chandrakant Karkare, Company Secretary Pankhuri, and board member Krishnan Sangameswaran.

Political slugfest starts

The scam has also started a political slugfest from the opposition as well us disgruntled elements within the ruling party. Shatrughan Sinha, who is sulking after his sidelining in the party, was quick to deal barbs at PM Modi and Finance Minister Arun Jaitley over their silence over the issue.

Corruption, once the main plank of the ruling party has turned a full circle now. Nirav Modi’s lawyer talking to a leading daily India Today said that the fate of the latest PNB scam will see the same fate as the 2G and Bofors case and none of the charges can be proved by the investigative agencies in the court of law.