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PNB posts biggest ever quarterly loss of Rs 13417 crore in Q4

15 May, 2018, 22:24 | Author: Candice Daniels
  • Nirav Modi

Separately, two sources familiar with the matter said the Central Bureau of Investigation (CBI) had named Ananthasubramanian, diamond jeweller Nirav Modi, and more than 20 others in a charge sheet filed at a Mumbai court on Monday.

Briefing reporters, financial services secretary Rajiv Kumar said there is a set process for removal and dismissal of directors from the board of banks and that has been initiated.

In its 7500-page charge sheet, the CBI had accused 25 people, including Usha Ananthasubramanian, the chief executive officer (CEO) and managing director of PNB when the fraud was perpetrated.

Under instructions from the finance ministry to act on India's largest ever bank scam involving diamond merchants Nirav Modi and Mehul Choksi, the PNB board divested its executive directors K V Brahmaji Rao and Sanjiv Sharan of their financial and executive powers. The charge sheet has been filed under sections of cheating and conspiracy of the Indian Penal Code and relevant sections of the Prevention of Corruption Act, 1988. Another CBI official said a special court had not yet taken cognisance of the chargesheet. The stock exchanges had asked a query from the bank asking if its CEO was charged by CBI in the PNB fraud.

Tottenham beats Newcastle 1-0, secures Champions League…
Pochettino also said he will hold talks with Toby Alderweireld next week with the defender likely to leave the club this summer. United midfielder Matt Ritchie told the club's official website: "On another day, we'd take our chances and go 1-0 or 2-0 up".

These fraudulent guarantees enabled Nirav Modi to secure loans from overseas banks which he siphoned off, the CBI alleged. The duo have denied the allegations against them, and authorities said they both left the country before the fraud was uncovered.

The ED had registered the money laundering case against Nirav and others on the basis of a CBI FIR.

Shares in Allahabad Bank closed 3.4 percent lower on Monday, while those in PNB ended slightly higher on the day. These arrested accused include Gokulnath Shetty, former deputy general manager of PNB; Manoj Kharat, single window operator of PNB; Hemant Bhat, authorised signatory of Modi's company; Bechhu Tiwari, then chief manager in the forex department of PNB; Yashwant Joshi, scale-II manager in forex department; and Praful Sawant, scale-I officer handling exports section.

The agency has not given in detail the role of Mehul Choksi in the present charge sheet. Since the bank's SWIFT, an global messaging system, was not integrated with its core banking system, the fraud went undetected for seven years. PNB's earnings will be pressurised as it will have to make enough provisions to deal with the scam-related payouts to other banks. They are at large after defrauding PNB of over Rs 14,000 crore using 1,200 illegally secured letters of undertakings (LOUs).

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