It is alleged that the issuance of Letters of Undertaking (LoUs) to Nirav Modi group firms without sanctioned limits started during his tenure. "He is presently posted as GM Credit, PNB Head Office, New Delhi", the CBI said on Wednesday.
The CBI and the ED have registered two FIRs each to probe the case. The five executives included Vipul Ambani, the finance chief of Modi's flagship Firestar group of companies. The bank named Modi, his brother Nishal Modi, wife Ami Modi and uncle Mehul Chinubhai Choksi as suspects in its complaint.
"Manager of PNB, Brady House, Mumbai, in conspiracy and guidance of Nirav Modi and other employees", the statement added.
Income tax (IT) officials also searched 20 premises in Mumbai, Pune, Surat, Hyderabad and Bengaluru on Tuesday.
Unlike earlier, when the agency had rushed to proclaim the value of seized items, an official said on Thursday: "We do not know whether these paintings are original works of these renowned artists".
"We are now questioning 10 officials of PNB, including its executive directors". "We are planning to take legal action to recover the dues", Parvez Ahmad, chairman of Jammu and Kashmir Bank, told Mirror.
Mr Modi's lawyer and Mr Choksi's firm, Gitanjali Gems, have both denied any involvement in what is being called the biggest banking scam India has ever seen.
During investigation, it was found that the PNB management had suspended several officials who were in charge of this branch since 2011.
Late on Monday night, CBI arrested three more PNB officers from the Brady House branch in Mumbai.
From PNB, the agency had arrested Rajesh Jindal, a general manager, retired official Gokulnath Shetty and Single Window Operator Manoj Kharat besides three other officials - Bechhu Tiwari, Yashwant Joshi and Praful Sawant.
The agency presented six persons arrested yesterday before special a CBI court in Mumbai which remanded them in custody till March 3.
"There is nothing that proves Nirav Modi is guilty", Vijay Aggarwal was quoted as saying by the Times of India newspaper.
ED also seized paintings owned by Modi, including works of Francis Souza, Amrita Sher-Gil, V S Gaitonde, Akbar Padamsee, Bharti Kher and M F Husain. Vipul was head of the finance department of Nirav's company from May 2013 to Nov 2017.
The Central Bureau of Investigation is looking into allegations that Nirav Modi, a jeweller to Hollywood stars including Kate Winslet and Naomi Watts, was involved in scamming India's second-largest state bank of nearly $1.8 billion.