CBI charge sheets,PNB ex chief, officials in Nirav Modi case

On May'14,CBI filed its first charge sheet in the large financial scam of over Rs 2 billion in Punjab National Bank(PNB) by billionaire jeweller Nirav Modi, and alleged role of the bank’s former chief Usha Ananthasubramanian(from 2015-17), presently Allahabad Bank's CEO and MD, in a special court in Mumbai, also naming many other top officials of the bank. Usha was interrogated by CBI.

CBI also named in the charge sheet, PNB executive directors K V Brahmaji Rao and Sanjiv Sharan, and general manager (international operations) Nehal Ahad. CBI stated the roles of Nirav Modi, his brother Nishal Modi and Subhash Parab, an executive in Nirav Modi’s company. As per Financial Services Secretary, the board of Allahabad Bank has asked to take away all powers from CEO and MD of the bank. PNB's board also asked to divest all powers of two executive directors.

The charge sheet 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. Mehul Choksi's name is expected to be in CBI files supplementary charge sheets in the case related to the Gitanjali group.Prior to filing of FIR by PNB, both Nirav Modi and Mehul Choksi had already left India.

Three separate FIRs are filed by CBI in connection with the alleged fraud in the public sector bank by the companies of Modi and Choksi (Gitanjali Diamonds).

Ref. : https://www.financialexpress.com/industry/banking-finance/big-development-in-nirav-modi-case-cbi-to-file-charge-sheet-against-top-bank-officials-in-2-bn-pnb-fraud/1166358/ --- Dated: May'14,2018