PNB Scam: CBI files chargesheet against Nirav Modi, Mehul Choksi

CBI names AllBank CEO Usha in PNB fraud case

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

Financial services secretary Rajiv Kumar said similar action is likely to be taken by the board of Allahabad Bank against Ananthasubramanian.

PNB executive directors Brahmaji Rao and Sanji Saran, and general manager Nehal Ahad will also be charged.

Aniyath Shiv Raman Nair and Vipul Chitalia have also been arrested from the Gitanjali Group, associated with Mehul Choksi. "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.

"At most a case could be made out for the MD and directors not observing sufficient due diligence in detecting the fraud", the director of a Delhi-based state-run bank said.

The main accused in the scam - Nirav Modi and his brother Nishal Modi - are absconding. The duo have denied the allegations against them, and authorities said they both left the country before the fraud was uncovered.

Meanwhile on Monday, the Central Bureau of Investigation (CBI) filed its first chargesheet in PNB scam. Moreover, these were not accounted in the bank's core banking system.

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Three FIRs have been filed by CBI in this particular case against Nirav Modi, Mehul Choksi and also against Modi's company Firestar Diamonds between January and March.

The chargesheet deals with the first FIR registered in the case relating to the fraudulent issuance over Rs 6,000 crore of Letters of Undertaking to Diamond R US, Solar Exports and Stellar Diamonds.

The officials said supplementary charge sheets will have information from foreign governments, shell companies, foreign banks, and detail the role of officials posted in foreign branches of Indian banks which issued credits to Modi's firms on the basis of PNB LoUs etc.

She took charge of PNB at a time when the bank was struggling under a heap of bad loans while being under the RBI's scrutiny for deterioration in asset quality.

It is alleged that Modi and Choksi, in connivance with the then PNB deputy manager Gokulnath Shetty, transgressed banking procedures and fraudulently caused PNB "wrongful" loss. She was the managing director of PNB until May 5 previous year. We had questioned some PNB Officials some days back over PNB fraud, SWIFT Issue.

PNB shares ended down 3.8 percent, their lowest close since June 13, 2016, having fallen as much as 6.4 percent after the results.

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