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

PNB scam: CBI files its first charge-sheet

As CBI files its chargesheet in the $2 billion PNB fraud, the crackdown at senior executives Punjab National Bank (PNB) starts.

Group firms of Modi and Choksi secured loans from global branches of other banks based on letters of undertaking (LoU) issued by employees of PNB. Meanwhile, Allahabad Bank, in a stock market filing, announced that its board will meet on Tuesday to discuss the issue of CBI allegedly charging its CEO Usha Ananthasubramaninan in the PNB fraud. CBI has arrested 19 people in connection to the PNB scam so far.

With CBI filing its first charge sheet in the Nirav Modi-Punjab National Bank (PNB) fraud case, there is only one name that stands out. Following this, the accused will not be able to seek bail.

He said taking moral responsibility, the current Managing Director of PNB should also keep himself away from PNB till the probe into the alleged scam is over. They are at large after defrauding PNB of over Rs 14,000 crore using 1,200 illegally secured letters of undertakings (LOUs).

Decades-old data helps confirm Europa is geysering water into space
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Funds were siphoned off to purported overseas supplier firms that were set up and controlled by Nirav Modi through his associates, it alleged.

Non-interest income or other income is projected to decline by to Rs 2,367.3 crore from Rs 3,102.80 crore, as per the same Reuters estimates.

The agency also made it clear that the naming of Ananthasubramanian in the charge sheet does not mean that her predecessors have been given clean chit as the investigation is going on, they said. She was head of the core management team constituted by the Ministry of Finance for coordinating the process of formation of a women-centric bank. It will also need to make higher provisions for non-performing assets following a Reserve Bank of India (RBI) diktat on quick recognition of bad debts that has adversely affected the results of other lenders as well. Internal auditors Mohinder Sharma and Bishnubrata Mishra sat in the same room with Shetty, but did not point out the system failures or illegalities and chartered accountants did not raise red flags over unsecured loans. As the reports suggest, more officials from the bank could be named in the chargesheet, however, their names have not been clarified by the authorities yet.

Arrested Nirav Modi-owned Firestar officials include Hemant Bhat, Vipul Ambani, Manish Bosamiya, Miten Pandiya, and Sanjay Rambhiya. However, The role of Mehul Choksi in the present chargesheet has not been detailed by the CBI.

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