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CBI names AllBank CEO Usha in PNB fraud case

CBI names AllBank CEO Usha in PNB fraud case

CBI names AllBank CEO Usha in PNB fraud case

Kumar also said that the Allahabad Bank will call a board meeting and then decide to divest the power of its Managing Director named in Central Bureau of Investigation (CBI) charge sheet.

On Monday, the finance ministry had asked the boards of Allahabad Bank and PNB to take action against Ananthasubramanian and two executive directors of PNB.

A CBI official, on the condition of anonymity, revealed that current Allahabad Bank CEO and MD Usha Ananthasubramanian will be charged.

Besides these, the names of several other top officials along with the PNB executive directors K V Brahmaji Rao and Sanjiv Sharan, and general manager (international operations) Nehal Ahad were also mentioned in the chargesheet.

Earlier on May 3, the Enforcement Directorate (ED) told the Delhi High Court that the affidavits filed by Modi's uncle and business partner Mehul Choksi's firm Gitanjali Gems in the court were 'false and misleading'.

The move comes after Ms. AnanthaSubramanian was named in the CBI chargesheet, along with 21 others in the Nirav Modi scam. "A supplementary chargesheet in this case will focus on the roles of overseas banks in the fraud", the CBI officer said.

PNB has cleared dues of Rs 65.9 billion to foreign branches of Indian banks to which it had issued these LoUs. Sources said that while Modi is suspected to be in Honk Kong, Mehul Choksi is most likely in the US.

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The sources said naming of Ananthasubramanian, who was at the helm of affairs in Punjab National Bank during 2015-17, in the charge sheet did not mean that her predecessors had been cleared by the agency.

The CBI had filed three FIRs between January and March to probe the PNB fraud. The agency alleged that the proceeds of buyer's credit availed from overseas banks on the basis of LoUs of the PNB were dishonestly and fraudulently diverted to pay off the oustanding liabilities of the three accused firms, directly and indirectly controlled by Nirav Modi. We had questioned some PNB Officials some days back over PNB fraud, SWIFT Issue.

As a result, provisions for the bad loans jumped four-fold to Rs 16,202.82 crore for the quarter under review compared to Rs 4,910.39 crore parked aside in the same period a year ago.

So far, 19 people have been arrested in the case while Modi and Choksi are on the run.

The financial services secretary said a show cause notice was issued to them about 10 days ago by the ministry.

Provisions rose almost four-fold to Rs20,353 crore from Rs4,466 crore in the year ago period, on account of rising bad debt, the bank's stock exchange filing showed.

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