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

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

Former PNB deputy manager Gokulnath Shetty, who allegedly issued fraudulent letters of undertaking (LoUs) to Nirav's firms, the bank's executive directors KV Brahmjai Rao and Sanjeev Sharan and general manager (international operations) Nehal Ahad have been named in the chargesheet submitted on Monday.

Separately, India's banking secretary Rajiv Kumar told media in New Delhi that a government nominee on the board of state-run Allahabad Bank would soon call a meeting to seek the removal of Ananthasubramanian.

Ananthasubramanian headed PNB between August 2015 and May 2017, before she was moved out to Allahabad Bank.

Ananthasubramanian, who is now the MD and CEO of Allahabad Bank, Executive Directors of Punjab National Bank K V Brahmaji Rao and Sanjiv Sharan, and General Manager (International Banking) Nehal Ahad are four senior bank executives who have been charge-sheeted by the agency. She has been named by the CBI in the charge sheet relating to the Rs 14,000 crore-plus fraud at PNB unearthed in mid-February. "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.

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

The CBI on Monday filed its first chargesheet in the PNB fraud case detailing the roles of Nirav Modi, his brother Nishal Modi and Subhash Parab, an executive in Nirav Modi's company.

Indian authorities have arrested at least 20 people and a court has issued non-bailable warrants against accused jewellers Nirav Modi and his uncle Mehul Choksi.

Both Nirav and Choksi had left the country before PNB filed the complaint with the CBI.

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PNB said on Tuesday it had set aside a higher-than-required 71.78 billion rupees in the three months to March 31, or half of the total 143.57 billion rupees it owes other banks for the illegal guarantees. The fraud was allegedly perpetrated despite the circulars issued by RBI, which was in the knowledge of senior officials of PNB.

Ananthasubramanian was previously chairperson and managing director of Bharatiya Mahila Bank, country's first all-women bank, which was merged with State Bank of India in April 2017.

On BSE, the share price of PNB tumbled by Rs 3.40 or 3.80% to Rs 86 per piece. According to the chargesheet, the reconciliation of SWIFT system and Core Banking System, which enables inter-connectivity between branches and real-time updation of transactions, was not done despite reminders by the RBI.

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