CBI names ex-PNB CEO Usha Ananthasubramanian in Nirav Modi case

Punjab National Bank fraud case CBI to file chargesheet against Nirav Modi and others today

PNB scam: CBI files its first charge-sheet

Soon after the Central Bureau of Investigation filed a chargesheet against current and former officials of Punjab National Bank and Allahabad Bank, the Finance Ministry has directed both the banks" boards to "divest' these officials of their powers.

Allahabad Bank called the board meeting late Monday, two people in the know said. "She along with other bank officials has been named in the chargesheet as they could not give satisfactory replies in regard to the case during questioning by the agency", the CBI added.

It has been revealed that these officials did not follow circulars issued by the central bank on the SWIFT control system in 2016. Not only this, the PNB board divested its two executive directors, K V Brahmaji Rao and Sanjiv Sharan, of all executive and financial duties and powers, as confirmed by Financial Services Secretary Rajiv Kumar said. It is expected to come up in the CBI's supplementary chargesheets, PTI reported.

CBI officials said the chargesheet names Nirav Modi and his brother Nishal in connection with the issuance of Letters of Undertaking (LoUs) totalling Rs 6,498.20 crore during 2011-17.

He also said state-run PNB had begun the process of removing two executive directors, without naming the executives or saying why the three were being ousted. It will also need to make higher provisions for non-performing assets following a Reserve Bank of India (RBI) diktat on quick recognition of bad debts that has adversely affected the results of other lenders as well. Section 8 of Banking Regulation Act define how do you remove the director.

In connection with the pleas filed on the Gitanjali Gems in the court, the ED said, "The Company cleverly veils any reference to Mehul Choksi, who left India in the twilight of the scam coming to the notice of the law enforcement agencies". "In the meantime, the bank has convened a meeting of its board of directors on May 15 to discuss the matter", the bank announced in a stock market filing. They are responsible persons and it's only a few who are into this kind of thing otherwise by and large bankers have contributed to the economic growth of the country.

The CBI has also booked former IDBI CMD Kishor Kharat, at present MD and CEO of Indian Bank, in the loan fraud case.

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