The CBI has booked retired deputy manager Gokulnath Shetty in a
fresh case of receiving a bribe of Rs 1.08 crore from Rishika Financials that
arranged bank guarantees for Gitanjali Gems.
The CBI has booked
retired deputy manager Gokulnath Shetty, the main accused in the Rs
13,000-crore Punjab
National Bank fraud allegedly perpetrated by Mehul Choksi and Nirav Modi, in
a fresh case of receiving a bribe of Rs 1.08 crore from Rishika Financials that
arranged bank guarantees for Gitanjali Gems, officials said.
It is alleged that
the owner of Rishika Financials, Debajyoti Dutta, was in the business of
arranging quotes of Letters of Undertaking (LoUs) from foreign funding banks,
they said on Monday.
The officials said
that after getting confirmation from Dutta, Shetty used to issue LoUs using the
international banking messaging service, SWIFT.
Dutta used to work
for Gitanjali Gems, promoted by Mehul
Choksi, and had allegedly raised bills of 0.05 per cent of the LoUs issued
for the firm as brokerage, they said.
The amount used to
get credited to Dutta's current account from which 40 per cent, over Rs 1.08
crore, was allegedly paid to Shetty between 2014 and 2017, the officials said.
LoU is a guarantee
which is given by an issuing bank to Indian banks having branches abroad to
grant short-term credit to an applicant.
In case of
default, the bank issuing the LoU has to pay the liability to the credit-giving
bank along with accruing interest.
The companies of
Modi and Choksi took loans from banks abroad on the basis of LoUs but did not
repay them transferring the liability on Punjab National Bank (PNB).
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