PNB Scam: Who is Vipul Ambani, Arrested in Connection to Rs 11,400-Crore Fraud Case?
Vipul's arrest came nearly a week after the CBI, along with six other central agencies began probing the massive financial scandal, which defrauded the Punjab National Bank to the tune of Rs 11,400 crore.
New Delhi, Feb 20: Arguably the most high-profile employee of Nirav Modi arrested so far in connection to the Rs 11,400-crore PNB fraud case is Vipul Ambani, the chief financial officer at the diamond czar's flagship firm Firestar International. Vipul, along with four others, was taken into custody by the Central Bureau of Investigation (CBI) on Tuesday.
Who is Vipul Ambani?
He is the cousin of India's richest individual and chairman of Reliance Industries Limited (RIL) Mukesh Ambani. His father Nathulal Ambani was the youngest brother of Reliance founder Dhirubhai Ambani.
A chemical engineer by qualification, Vipul began his career with the RIL. He was tasked with developing the computerised model for techno-economic feasibility evaluation, reported Bloomberg. Vipul's model was specifically put to use for behemoth's polypropylene project.
After parting ways with RIL, he worked with investment banking firms, reports said. In 2014, he joined Nirav Modi's Firestar International as the CFO.
Vipul's arrest came nearly a week after the CBI, along with six other central agencies began probing the massive financial scandal, which defrauded the Punjab National Bank to the tune of Rs 11,400 crore.
Commenting on the matter on Tuesday, Finance Minister Arun Jaitley said, "State will chase those who cheat banking system. None of them will be spared."
(The above story first appeared on LatestLY on Feb 20, 2018 10:35 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).