Nirav Modi, bank's ex-chief among 22 named in CBI charge sheet

Billionaire jeweller Nirav Modi is at the centre of the over $2 billion PNB fraud

The Board of Punjab National Bank (PNB) too has been asked to divest two executive directors of all powers, Financial Services Secretary Rajiv Kumar told reporters in the capital.

The chargesheet filed on Monday is based on CBI's FIR registered on January 31 against Nirav Modi, his wife Ami, brother Nishal, and uncle Choksi, among others. The document lists the alleged role of Punjab National Bank's former chief Usha Ananthasubramanian, who is now the CEO and MD of Allahabad Bank.

Along with Usha, three other top officials of PNB, Brahmaji Rao (Executive Director), Sanjiv Sharan (Executive Director) and Nehal Ahad (General Manager) have been named as accused. "The (PNB) board has chose to divest EDs of the functional and financial responsibilities and have also requested the government to replace them", Kumar said. "In the meantime, the bank has convened a meeting of its Board of Directors on May 15 to discuss the matter", the lender said in a regulatory filing. We had questioned some PNB Officials some days back over PNB fraud, SWIFT Issue.

According to the CBI, Ananthasubramanian and other PNB officials overlooked warnings from RBI regarding compliance and even misrepresented the factual position to the banking regulator on SWIFT operations.All of them have been charged under Section 409 of the IPC for criminal breach of trust, Section 420 for cheating, and Section 13 (2) of the Prevention of Corruption Act. Besides higher slippages (loans turning bad) due to the Reserve Bank of India's (RBI) new non-performing assets (NPAs or bad loans) rules and mark-to-market (MTM) provisioning for depreciation in value of government bonds due to higher yields, provisioning for the Rs 135 billion fraud reported in February is expected to have led to the poor performance in Q4.


On April 6, the court issued a notice to the ED on a plea of Gitanjali Gems, seeking quashing of a money laundering case against the company.

The secretary said the Allahabad Bank board has also been asked to divest Ananthasubramanian of all powers and initiate further action.

The agency also made it clear that the naming of Ananthasubramanian in the charge sheet does not mean that her predecessors have been given clean chit as the investigation is going on, they said. "We will only take action when we have substantive proof and not on hearsay", he said.

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

Related News:

  • Michael Carrick reveals best Manchester United player he played with

    Michael Carrick reveals best Manchester United player he played with

    Imagine if this match we need a point to be champions, do we get that point or do we not get that point? "Is it enough to celebrate though?"
    Juventus 2017-18: Bianconeri's seventh straight Scudetto in Opta numbers

    Juventus 2017-18: Bianconeri's seventh straight Scudetto in Opta numbers

    Roma's place in next year's Champions League was confirmed yesterday as Inter were beaten at home by Sassuolo. Instead, Napoli went into the Fiorentina game trailing by four points and lost 3-0.
    Is Celtics' Playoff Run Bothering Kyrie Irving? Chris Broussard Has Wild Thought

    Is Celtics' Playoff Run Bothering Kyrie Irving? Chris Broussard Has Wild Thought

    Yet, Boston won 55 games during the regular season and increased its win total for the fifth consecutive season under Stevens. Certainly Cleveland can end that fun if it can reach the NBA Finals for the fourth straight year. "It's not just this year".
  • WHO urges global ban on trans fats

    WHO urges global ban on trans fats

    Trans fat, AKA "partially hydrogenated oil", was once seen as something of a savior in food, especially in the US. Canada will ban them as of September 2018 and many other countries are taking steps to eliminate the substance.
    Why Eurovision is so much more than a song contest

    Why Eurovision is so much more than a song contest

    Our partners at The Times of Israel reported that Israelis poured into Tel Aviv's Rabin Square and partied across Jerusalem. Austria's Cesar Sampson placed third with Nobody But You at Saturday's event, which took place in Lisbon, Portugal.
    Overwatch anniversary event date and new Junkrat skin revealed

    Overwatch anniversary event date and new Junkrat skin revealed

    New items include eight Legendary skins and three Epic skins, and additional dance emotes for Doomfist, Moira, and Brigitte. If you decide to buy the 50 Loot Box Bundle, you'll receive an additional Legendary Anniversary Loot Box for free.
  • Gas prices rise 7 cents

    Gas prices rise 7 cents

    The West Palm Beach-Boca Raton market easily had the most expensive gas in Florida with prices averaging $2.92 per gallon. Traverse City had the lowest average gas price at $2.85 per gallon, while Ann Arbor's $2.97 was the highest.
    Cate Blanchett & Agnès Varda Lead Women's March At Cannes Film Festival

    Cate Blanchett & Agnès Varda Lead Women's March At Cannes Film Festival

    We WILL DEMAND that our workplaces are diverse and equitable so that they can best reflect the world in which we actually live. The pledge was drawn up by the French gender-parity group 50/50 by 2020, which brought in other groups including Time's Up .
    Lenovo Z5 Is What An All-Screen Phone Looks Like

    Lenovo Z5 Is What An All-Screen Phone Looks Like

    Other than that, there were no details about where in the production process the Z5 is, or if that process has even started yet. It works to remove the notch, but to some it might not be worth having to drop the edge-to-edge claim.
  • Salma Hayek 'Stunned' over the Amount of Females Harvey Weinstein Supposedly Attacked

    Salma Hayek 'Stunned' over the Amount of Females Harvey Weinstein Supposedly Attacked

    Hayek isn't the only one calling for men to take a pay cut. "You have to take that feeling and get inspired by it". Weinstein at the time issued a lengthy statement of denial.

    Brooklyn Nine-Nine saved from cancellation

    Terry Crews thanked Mark Hamill for helping to resurrect his show " Brooklyn Nine-Nine". The series is set to air on Fox during the 2018-19 TV season.

    'Solo: A Star Wars Story' Writer Reveals Who [SPOILERS] Is Playing

    At least, not until director Ron Howard set up an epic surprise for Ehrenreich during an interview with " Entertainment Tonight ". It's no secret that a majority of Star Wars fans have been anxious about the overall quality of Solo , which releases next week.


Most liked

Vegas Grounds the Jets
Connor took advantage, squeezing a shot between Fleury and the post from the bottom of the left circle 7:17 into the third. The Knights would kill the penalty but not without a few Jets chances, which was enough to balance the ice once again.

Pompeo: My Conversations With Kim Jong Un Were 'Good,' 'Warm,' 'Substantive'
Such a move might force the U.S. to halt the meeting, a presidential spokesperson said on Thursday. By doing so, they said, Washington is "prepared to work with Pyongyang to achieve prosperity".

Four children become orphans in Surabaya, Sidoarjo bombings
Police said they killed four suspected members of JAD in Cianjur, West Java Province, and arrested two others, the BBC reported. Although considered Indonesia's largest pro-IS coalition, JAD's structure and links to the global terror network are murky.

President Trump aiming to lower prescription drug prices
Currently, any medications a manufacturer includes in the federal Medicaid drug rebate program are automatically on the formulary. Most of Trump's proposals in Friday speech focused on the middlemen who negotiate drug costs on behalf of insurance companies.

Margot Kidder Has Passed Away
Franzen-Davis Funeral Home in Livingston, Montana, posted a notice on its website saying Kidder died Sunday at her home there. Canadian-born Kidder also appeared in the movie " The Great Waldo Pepper " and the 2014 children's TV series "R.L.

Catalan parliament to vote for new president on Monday
Torra tried - and failed - to be appointed on Saturday at an initial parliamentary vote that required an absolute majority. Unionist leader Ines Arrimadas of the anti-independence Ciudadanos party called Mr Torra a mere "puppet for Puigdemont".

Facebook suspends 200 apps following Cambridge Analytica scandal
The company has also built a website that notifies users if their data has been misused. The quiz app was used by millions prior to being suspended.

Bad News For Galaxy Note 9, Good News For Galaxy S10
The Smartphone will come with Android 8.0 Oreo and will sport a 5.8-inch display powered by a 3000mAh battery. The device is powered by 2GB or 3GB RAM, 1.4GHz quad-core Exynos 7570 processor , and Android 8.0 Oreo.

Munhall's Gabby Barrett voted into 'American Idol' top 3
Her power worked the crowd, and the judges, just enough for Luke Bryan to even claim Barrett as "Carrie Underwood reincarnated". Foehner and Barrett struck up a romance while competing on the competition show, and have always supported one another.

John Cena Gets Emotional About Nikki Bella, 'Hopes Things Will Get Resolved'
Complete Divas returns this fall, and season three of Complete Bellas premieres Could 20 at 9 p.m. And of course we can do this, and I think it would be wonderful". "I love her.

Oil Prices steady: OPEC says it could offset Iranian supply losses
Crude oil futures were flat Monday moring as OPEC raised its forecast for non-OPEC production due to the U.S. shale oil boom. The global oil demand outlook for 2018 has been increased by 150,000 barrels daily to 98.85 mln barrels per day.

Researchers warn of critical flaw affecting PGP and S/MIME
The team's leader researcher, Sebastien Schinzel, admitted that: " E-mail is no longer a secure communication medium". For the HTML risk, the researchers advise that OpenPGP and S/MIME users simply disable HTML rendering.

Drake and Migos Announce Tour and Denver Concert
American Express card members can purchase tickets before the general public beginning at 10 a.m. The Aubrey & the Tree Amigos tour will arrive at the Smoothie King Center on September 24.

Italy's new government makes economic promises
The leader of the country's anti-establishment Five Star Movement says he has reached an accord with the right-wing League. If Mattarella is satisfied with their choice, Italy could have a government in place by the end of the week.

Yates extends overall lead in the Giro D'Italia
Simon Yates of MItchelton-Scott has extended his lead at the Giro d'Italia after winning the Stage 9 summit finish on the Gran Sasso .