According tot he information given by the official, the Enforcement Directorate today arrested Firestar Group Vice President Shyam Sunder Wadhwain in relation to the multi-crore Punjab National Bank fraud case. Shyam Sunder Wadhwain is known to be confidant of Nirav Modi and was wanted in the case.
Wadhwa was arrested in Mumbai on Tuesday night after questioning, said the ED official, adding it was the first arrest by the agency in the case.
Informed sources said Wadhwa was accused of conducting fraudulent transactions with Firestar International and Firestar Diamond International owned by Nirav Modi, who along with his group companies — Diamond R US, Stellar Diamond and Solar Exports — and others have been implicated in the Rs 13,500 crore scam which was admitted by the PNB in February, leading to a massive upheaval in the country’s banking system.
The ED on March 24 seized valuables worth over Rs 36 crore belong to Modi and also carried out joint searches with the Central Bureau of Investigation (CBI), which is also probing criminal miscunduct in the case, for over three days at Nirav Modi’s palatial ‘Samudra Mahal’ residence in Mumbai.