PNB scam: CBI files its first charge-sheet

PNB scam: CBI files its first charge-sheet

The agency has named PNB's executive directors KV Brahmaji Rao, Sanjeev Sharan and general manager (international operations) Nehal Ahad in the charge sheet.

The chargesheet filed on Monday is based on CBI's FIR registered on January 31 against Nirav Modi, his wife Ami, brother Nishal, and uncle Choksi, among others.

According to a report on PTI, Allahabad Bank will hold its board meeting today on the back of the Finance Ministry's direction to take away all the powers of its MD and CEO Usha Ananthasubramanian, who has been chargesheeted by the CBI in the $2 billion Punjab National Bank scam.

Ananthasubramanian headed PNB between August 2015 and May 2017.She had also served as an Executive Director at PNB between July 2011 and November 2013. Talking to reporters after addressing PNB board meeting Mr Kumar said that the action taken will be announced after the meeting.

The PNB board has made a decision to remove the EDs named in the CBI chargesheet in an emergency meeting on the insistence from the government's nominee director.


He also said state-run PNB had begun the process of removing two executive directors, without naming the executives or saying why the three were being ousted.

The secretary said the Allahabad Bank board has also been asked to divest Ananthasubramanian of all powers and initiate further action. This played a huge role in PNB scam, where rogue officials used this system to communicate with other banks. The chargesheet detailed the alleged role of PNB's former chief Ananthasubramanian in the scam.

On April 6, the court issued a notice to the ED on a plea of Gitanjali Gems, seeking quashing of a money laundering case against the company. So this is a clear message that we have to be responsible for what we do.

Last month, the Central Bureau of Investigation (CBI) booked Syndicate Bank MD and CEO Melwyn Rego, who was deputy managing director of IDBI, along with several others in the Rs 600 crore IDBI loan default case.

"While we have recovered documents including original applications for seeking loan through LoUs of over 130 of the 144 LoUs mentioned in the first FIR, the charge sheet concentrates only on half-a-dozen LoUs and an equal number of FLCs as we have been able to collect evidence to prove that they were fraudulent", said an official". The stock exchanges had asked a query from the bank asking if its CEO was charged by CBI in the PNB fraud.

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