Mumbai: Vipul Ambani, a top official of a company controlled by fugitive diamond trader Nirav Modi, moved a bail application before the special Central Bureau of Investigation (CBI) court on Monday and the court has posted this application for hearing on Tuesday. The CBI has arrested him in connection with his alleged role in Punjab National Bank (PNB) fraud case involving thousands of crores of rupees.
Ambani has filed the bail application on the ground that the investigating agency has failed to file a chargesheet in the case even after a lapse of the stipulated time of 60 days and he is entitled for bail.
The bail application was filed before special judge Sardar Tamboli who was busy hearing another matter and hence asked the CBI to file reply on Ambani’s application by Tuesday when the arguments on the same would be heard.
Ambani was president, finance, at the Nirav Modi-controlled Firestar Group of Companies. He is a nephew of Reliance Industries founder Dhirubhai Ambani.
While arresting him, the CBI had claimed that Ambani was aware of fraudulent letters of undertaking (LoUs) issued by PNB’s former deputy manager Gokulnath Shetty in favour of Modi’s firms.
