PNB fraud case: CBI files chargesheet against Mehul Choksi, others

The board asked the finance ministry to make suitable arrangements for smooth functioning of the bank

On Monday, the CBI had filed its first charge-sheet against Nirav Modi for defrauding PNB to the tune of ₹6,498.28 crore.

CBI filed the chargesheet just before the 90-day period to file charges.

The agency also named PNB Executive Directors K.V. Brahmaji Rao and Sanjiv Sharan, and General Managers Nehal Ahad (who dealt in worldwide operations) and Rajesh Jindal in its chargesheet filed in a special CBI court here.

After filing chargesheet in the Nirav Modi bank fraud case, the CBI on Wednesday filed its second chargesheet against billionaire jeweller Mehul Choksi and 17 other entities, including companies owned by him and other individuals, in connection with the over $2 billion Punjab National Bank (PNB) scam. They include PNB's single window operator Manoj Kharat, former PNB Managing Director Usha Ananthasubramanian, who now heads Allahabad Bank, PNB Executive Director KV Brahmjai Rao, bank's Executive Director Sanjeev Sharan and General Manager (International Operations) Nehal Ahad. "We have arrested Gokulnath Shetty, Manoj Kharat, Aniyath Nair, who is one of the directors of Gilli India and Vipul Chitalia, vice president (Banking Operations) of Gitanjali Group".


On the fraud front, the bank said the matter is under investigation. This case is registered on the basis of a CBI FIR. While 7000 crore is the amount of the scam committed by Choksi of which CBI has found evidence 6 FLC's and 6 LOU's amounting to 512 crores. With regards to provision made for the loss incurred on account of Nirav Modi fraud, the bank said it provided for Rs 7,178 crore, 50 per cent of the total amount of Rs 14,356 crore in the fourth quarter of 2017-18.

The fraud was detected at PNB's Brady House branch in Mumbai involving certain accounts under "gems and jewellery" sector wherein, through apparent connivance between "these entities and few employees of the bank", some LoUs/FLCs were issued fraudulently to certain overseas branches of Indian banks through misuse of the SWIFT messaging system.

Tighter RBI rules announced in February, which did away with half a dozen loan restructuring schemes, have led to banks reporting a surge in bad loans in the March quarter, and several of them reporting losses. They all are charged under sections 409, 420, 120B of the Indian Penal Code (IPC).

Related News:

  • Allan McGregor rejoins Rangers on two-year deal

    Allan McGregor rejoins Rangers on two-year deal

    The veteran shotstopper becomes Steven Gerrard's second signing, following the four-year deal for Scott Arfield from Burnley . Someone gave me a shout two or three weeks ago to say Bomber (John Brown) wanted my number.
    In Pics: Bollywood Beauties Sizzle at Cannes 2018!

    In Pics: Bollywood Beauties Sizzle at Cannes 2018!

    The film, by Spike Lee, stars Corey Hawkins and Topher Grace and takes on the checkered history of the Ku Klux Klan. She slayed everyone on the red carpet at the 71st Cannes Film Festival as she flaunted her sexy figure.
    ND Senate discuss net neutrality, plan moving forward

    ND Senate discuss net neutrality, plan moving forward

    Net neutrality, under which the internet has operated since its inception, ensures that there is no favoritism in internet access. Once there, the caucus would need a simple majority to adopt the resolution - and with Collins, it has 50 votes.
  • BT Plus will grant you unlimited mobile data when your Wi-Fi goes down

    BT Plus will grant you unlimited mobile data when your Wi-Fi goes down

    BT said it will now offer a minimum speed of 100Mbps for its ultrafast home broadband service, with speeds up to 314Mbps. All this amounts to "the UK's first converged, smart network" apparently, a process BT expects to complete by 2022.
    Cough up $1bn for using our iPhone designs — Apple to Samsung

    Cough up $1bn for using our iPhone designs — Apple to Samsung

    It's not like that Apple has accused Samsung of copying, Samsung has also accused Apple of copying its designing features. It argues that customers were not only buying its handsets because of the design, but also due to their "functionality".
    Tickle Me, Fleury: Vegas goalie tickles Jets player's ear

    Tickle Me, Fleury: Vegas goalie tickles Jets player's ear

    After the game was tied 1-1, Vegas got two goals from its second line, which features Erik Haula between Neal and Alex Tuch . Defensively, the Winnipeg Jets are allowing 2.6 goals per game and are killing 81.8 percent of their opponents power plays.
  • How Many BTG plc (LON:BTG)'s Analysts Are Bullish?

    How Many BTG plc (LON:BTG)'s Analysts Are Bullish?

    It turned negative, as 59 investors sold BX shares while 154 reduced holdings. 66 funds opened positions while 118 raised stakes. Amg National Trust Bank increased Target Corp (TGT) stake by 179.05% reported in 2017Q4 SEC filing. (TJX) has $53.66B valuation.
    US, Gulf Arab states place sanctions on Hezbollah leadership

    US, Gulf Arab states place sanctions on Hezbollah leadership

    Specifically, OFAC, together with Gulf partners, designated Hasan Nasrallah, the Secretary General of Hezbollah. The sanctions target Secretary General Hassan Nasrallah, his deputy Naim Qassem and other figures and entities.
    Florida teacher drowns 'nuisance animals' in front of class

    Florida teacher drowns 'nuisance animals' in front of class

    The mother of the student who shot the video, both who wish to remain anonymous, said to a reporter at WKMG-TV, "It made me sick. The cell phone video shows the raccoons in a cage being immersed in water in a trash can and drowning in front of the class.
  • Man Threatens Spanish-Speaking Workers: 'My Next Call Will Be to ICE'

    Man Threatens Spanish-Speaking Workers: 'My Next Call Will Be to ICE'

    He says they were speaking Spanish to customers too, which if they were, assumes those customers also spoke Spanish. Suazo wrote that the video was recorded by his wife while she and her friend were grabbing lunch at the coffee shop.
    VK Singh visits N Korea to discuss growth in peninsula

    VK Singh visits N Korea to discuss growth in peninsula

    Kim Yong Dae, Vice President of the Presidium of the Supreme People's Assembly, H.E. India had said then that its trade with North Korea was in any case "minimal".
    Three more Ohio E. coli cases linked to lettuce

    Three more Ohio E. coli cases linked to lettuce

    Talk to your doctor if you have symptoms of an E. coli infection and report your illness to your local health department. Attorneys Fred Pritzker and Brendan Flaherty represent people sickened with E. coli O157:H7 infections and HUS.


Most liked

Victims of USA gymnastics team doctor Larry Nassar share $500m
While this money is now earmarked for certain projects, MSU is not legally obligated to use this money for these purposes. There is no indication as to how much each victim will receive, or how Michigan State University will allocate the funds.

Paddy Power Betfair confirms talks with FanDuel
Analysts say William Hill would be worst hit by the change, and that the market has already started pricing in such an outcome. FanDuel , founded in Edinburgh, is backed by the likes of Kohlberg Kravis Roberts, Google Capital and NBC Sports Ventures.

Cleanest city in India: Mumbai tops Swachh list among capitals
Focussing on open defecation free status, civic body constructed public toilets and place modular toilets across the city. The results of Swachh Survekshan 2018, aims to estimate levels of cleanliness across cities in the country.

Sherpa Kami Rita Sets Record with 22nd Successful Climb of Mount Everest
While Lhakpa Sherpa was climbing to break her own record on Wednesday morning, other climbers were dealing with oxygen failures. On the Tibet side a team was forced to retreat from just below the summit when 11 of their bottled oxygen systems failed.

Supreme Court to examine Centre's Cauvery management scheme today
The Supreme Court on Wednesday had directed Centre to make a few modifications to the draft it had submitted on May 14. Karnataka and Tamil Nadu have fought over the river for more than a century now.

Discovery of distant galaxy opens door to 'uncharted period of cosmic history'
If astronomers discovered oxygen in MACS1149-JD1, it meant that inside the galaxy, stars have formed even earlier and died in the galaxy.

Atletico bid to erase pain of finals past in Marseille showdown
Since then it is Barcelona who have emerged as the leading contender to sign the former Real Sociedad man and have been tipped to meet his €100million buy out.

Frances Bean's Ex Given Kurt Cobain's MTV Unplugged Guitar
There are few guitars with more history than Kurt Cobain's acoustic one, which he played during Nirvana's 1993 " MTV Unplugged ". Lee even filmed himself chasing a limousine for several miles that he thought I was a passenger in.

Feces-flinging woman attacks Langley Tim Hortons staff
She can then be seen picking up her excrement from the floor with here bare hands, and throwing it at staff behind the counter. She then pulls down her trousers , proceeds to defecate on the floor, and then picks it up and flings it at the employee.

Seven Teams Earn NCAA Public Recognition Awards
Five Canisius programs recognized were men's cross country , golf , men's swimming and diving, men's track and field and rowing . The aggregate 2016-17 Academic Progress Rate data for all NCAA Division I institutions will be announced later this month.

Pope 'very worried' by Gaza violence
Eight children under the age of 16, including an eight-month-old baby, were among Monday's dead. Calling for "dialogue, justice and peace", said violence "has never led to peace".

OnePlus 6 Marvel Avengers Limited Edition Launched in China Alongside Regular Variants
As far as the photography department is concerned, we already told you that the smartphone has a dual camera setup at the back. The secondary rear camera is a 20 MP f/1.7 unit that uses pixel-binning technology to improve the quality of low-light images.

Whitney Houston was 'sexually abused', film claims
Dee Dee is said to have struggled with narcotics addition and died in 2008 , aged 63. She was a attractive woman, but she was never particularly sexy.

Kane on 'amazing' Salah: 'I haven't seen Mo to talk with him'
With 44 goals and 14 assists in 52 games for club and country, Salah has placed himself among the world's elite forwards. Klopp's players reassemble in Marbella on Wednesday after a couple of days off for a short training camp.

Disgraced Parkland officer will get pension
Fathers of two of the victims of the Parkland shooting expressed their disgust over Peterson's generous pension on Twitter . Peterson rushed to the building, but stayed outside for about four minutes during the shooting and never went inside.