PNB Scam: Fugitive diamond trader Nirav Modi’s close got bail, know who is Subhash Parab?

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PNB Scam Case: A special PMLA court in Mumbai on Tuesday granted bail to Subhash Parab, a close aide of fugitive diamond merchant Nirav Modi, in the multi-crore Punjab National Bank (PNB) scam case. Subhash Parab was the Deputy General Manager in Firestar Diamond, a company owned by Nirav Modi and was extradited to India in April 2022 from Cairo, Egypt.

Accused was not beneficiary of proceeds of crime: Court

Special PMLA Judge SM Menjonge allowed the bail application of Subhash Parab, observing that it appeared from the bail application that the accused was not the beneficiary of the proceeds of crime. Nirav Modi and his maternal uncle Mehul Choksi are accused of defrauding public sector bank PNB to the tune of Rs 13,000 crore using letters of guarantee (LOU) and foreign letters of credit (FLC) by bribing officials at its Brady House branch in Mumbai. Did.

Subhash Parab is an important witness of the letter of guarantee handed over to the bank

Subhash Parab is understood to be a key witness in the letter of guarantee submitted to the bank for embezzlement of over Rs 7000 crore. India had issued an Interpol Red Notice against Subhash Parab to locate and bring him back. Subhash Parab was granted bail in February in a related case being probed by the CBI.

Parab had left the country just before the fraud came to light

In fact, Subhash Parab was shown as a wanted accused as he had left the country just before the alleged fraud came to light. The CBI has told the court that Subhash Parab was the Deputy General Manager in Firestar since April 2015 and looked after the banking related activities of the three accused companies, Diamonds R US, Stellar Diamond and Solar Exports. The CBI said that Parab was aware that these three companies did not have any credit facility with Punjab National Bank (PNB) and were not going to provide 100 per cent cash margin for issuing LoUs.

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