CBI Files Chargesheet in Nirav Modi Case, Names ex-PNB Head

15 May, 2018, 13:36 | Author: Terri Saunders
  • PNB scam: CBI files its first charge-sheet

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.

According to Mr Limosin, the role of Choksi may come up when the CBI files its supplementary chargesheets in the case related to the probe into Choksi's Gitanjali Group. The government also initiated the removal process of former boss of the beleaguered public-sector bank, Usha Ananthasubramanian, who is now the managing director and CEO of Allahabad Bank. "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.

The agency also named PNB Executive Directors K.V. Brahmaji Rao and Sanjiv Sharan, and General Managers Nehal Ahad (who dealt in global operations) and Rajesh Jindal in its chargesheet filed in a special CBI court here. The board PNB has also been asked to divest two executive directors of all powers.

Trouble is mounting for India's top banker Usha Ananthasubramanian who is now the CEO and MD of Allahabad Bank.

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It has been revealed that these officials did not follow circulars issued by the central bank on the SWIFT control system in 2016. In an earlier stint, Ananthasubramanian also served as the Executive Director of Punjab National Bank from July 2011 to November 2013.

As per the ownership in the bank is concerned, the Government holds a little over 62% stake in PNB and close to 65% in Allahabad Bank.

Diamantaire Nirav Modi is accused of allegedly defrauding the Punjab National Bank of Rs 6,498 crore, allegedly by raising credit from overseas branches of other Indian banks by using illegal guarantees with the help of several top-level PNB officials. Kumar said there is a set process for removal and dismissal of directors from the board of banks and that has been initiated.

"One notice was issued 10 days back. However, it is negligence and not fraud but action needs to be taken to show that someone is accountable", said Ashvin Parekh, who runs Ashvin Parekh Advisory Services, a consultancy firm. Regarding the case, All of them are questioned by the CBI. The stock exchanges had asked a query from the bank asking if its CEO was charged by CBI in the PNB fraud.

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