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.

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