PNB scam: Mehul Choksi’s associate Deepak Kulkarni arrested by ED

Kolkata: NP NEWS 24 ONLINE –  Deepak Kulkarni, an associate of  Mehul Choksi was arrested by the Enforcement Directorate (ED) in Kolkata after he landed at the airport from Hong Kong on Monday night. Kulkarni was the director of Choksi’s dummy firm in Hong Kong. A Look Out Circular was issued against him by ED and CBI earlier.

The ED has registered a case against Kulkarni under the Prevention of Money Laundering Act (PMLA). He will be produced in court on Tuesday and taken to Mumbai on transit remand. The case is registered in Mumbai where a chargesheet is also filed. The Mumbai court had issued non-bailable warrant against him.

The Punjab National Bank Fraud Case relates to fraudulent letter of undertaking worth ₹14,356.84 crore (US$ 2.1 billion) issued by the Punjab National Bank at its Brady House branch in Fort, Mumbai; making Punjab National Bank liable for the amount. The fraud was allegedly orchestrated by jeweller and designer Nirav Modi. Nirav, his wife Ami Modi, brother-in-law Nishal Modi and uncle Mehul Choksi, all partners of the firms, M/s Diamond R US, M/s Solar Exports and M/s Stellar Diamonds; along with PNB officials and employees, and directors of Nirav Modi and Mehul Choksi’s firms have all been named in a chargesheet by the CBI. Nirav Modi and his family absconded in early 2018, days before the news of the scam broke in India.