This one has some similarities to the Nirav Modi case. A senior employee of a diamond trading firm who aided his employer in fabricating property documents to secure an overdraft facility of Rs 1 crore and duped Punjab National Bank has been arrested by Mumbai police.
The banking unit of the Economic Offences Wing (EOW) on Wednesday arrested Yogesh Pujwani (59), a diamond assorter responsible for evaluating the quality of precious stones; they are now looking for his employer Amit Bipin Shah.
The complainant in the case is Divakar Prasad, a senior official from the asset recovery branch of the bank at Dalamal House at Nariman point. Prasad in his complaint has alleged that ASR Diamonds’ proprietor Shah had in 2008 applied for an overdraft facility by way of a mortgage with PNB’s Opera House branch.
Shah had submitted documents to an upmarket flat at Geeta Smruti housing society at Gamdevi. “Shah submitted the share certificate, registration agreement, and NOC from the soceity. The bank sent those documents for legal scrutiny and it gave a clearance,” said an officer.
Shah availed of the overdraft facility until 2009 when he began to default on his repayments. Shah's loan turned a non performing asset for the bank. In 2010 the bank wrote to Shah and when he failed to respond, it issued a notice warning it would attach his flat.
However, when PNB officials visited the flat, they found a family had been living there for two decades and they had never sold their flat to Amit Shah. The flat owner informed the PNB official that Shah had similarly duped ICICI Bank, Bajaj Finance and Citi Finance using the same documents; officials from these banks too had turned up to take the possession of the flat.
PNB officials then lodged a complaint with the DB Marg police. The case was transferred to EOW.
The banking unit of the Economic Offences Wing (EOW) on Wednesday arrested Yogesh Pujwani (59), a diamond assorter responsible for evaluating the quality of precious stones; they are now looking for his employer Amit Bipin Shah.
The complainant in the case is Divakar Prasad, a senior official from the asset recovery branch of the bank at Dalamal House at Nariman point. Prasad in his complaint has alleged that ASR Diamonds’ proprietor Shah had in 2008 applied for an overdraft facility by way of a mortgage with PNB’s Opera House branch.
Shah had submitted documents to an upmarket flat at Geeta Smruti housing society at Gamdevi. “Shah submitted the share certificate, registration agreement, and NOC from the soceity. The bank sent those documents for legal scrutiny and it gave a clearance,” said an officer.
Shah availed of the overdraft facility until 2009 when he began to default on his repayments. Shah's loan turned a non performing asset for the bank. In 2010 the bank wrote to Shah and when he failed to respond, it issued a notice warning it would attach his flat.
However, when PNB officials visited the flat, they found a family had been living there for two decades and they had never sold their flat to Amit Shah. The flat owner informed the PNB official that Shah had similarly duped ICICI Bank, Bajaj Finance and Citi Finance using the same documents; officials from these banks too had turned up to take the possession of the flat.
PNB officials then lodged a complaint with the DB Marg police. The case was transferred to EOW.
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